Comcast Offers Rival Bid To Stop Disney From Buying Fox
The proposed acquisition of 21st Century Fox by The Walt Disney Company was cast in doubt earlier today when rival contender Comcast returned to battle and tabled a substantial, all-cash bid for the rights to intellectual properties owned by the Rupert Murdoch-founded company.
According to CNBC, Comcast is willing to offer $60B in cash to 21st Century Fox, eclipsing The Walt Disney Company’s $52B proposal, in the hopes of acquiring the company and most of its media assets. There is, however, a caveat keeping Comcast at bay. A similar deal underway involving Time Warner and AT&T is currently under deliberation by the US government. Should they terminate that deal over antitrust concerns, CNBC believes Comcast may step back.
That being said, should the Time Warner and AT&T amalgamation pass, pending government approval, of course, in addition to 21st Century Fox, Comcast would also acquire UK satellite TV provider Sky – which would see the global telecommunications conglomerate’s bid reach the $100B mark.
Comcast, who initially cited sturdy stock as a reason for 21st Century Fox to accept their deal instead of The Walt Disney Company’s, has seen shares fall about 15 percent since Disney announced their bid for Fox. As a result, the global telecommunications conglomerate believes it stands a better chance with an all-cash proposal, even if Fox Executive Chairman Rupert Murdoch prefers Disney shares.
Amongst the intellectual properties owned by 21st Century Fox are several Marvel Characters, such as Deadpool, the Fantastic Four, and the X-Men. Therefore, a merger between 21st Century Fox and The Walt Disney Company would allow Marvel Studios, now a Disney subsidiary, unrestricted access to the characters and freedom to include the mutants in their cinematic universe. In other words, it’d be a dream come true for many fans, so let’s hope Comcast backs off and lets Disney take the cake.