Last week, the proposed acquisition of 21st Century Fox by The Walt Disney Company undoubtedly took its biggest hit yet when Comcast tabled a $65 billion all-cash bid for the Rupert Murdoch-founded company. Prior to the tender, CEO Brian Roberts had told investors that Comcast was in the “advanced stages” of preparing a bid for 21st Century Fox, which was said to be dependent on the AT&T-Time Warner anti-trust case ruling.
Sure enough, Roberts made good on his statement. In the wake of Judge Richard Leon clearing the $85 billion proffer – effectively allowing AT&T to absorb Time Warner – Comcast unveiled its proposal for the rights to intellectual properties owned by 21st Century Fox – including Deadpool, the Fantastic Four and the X-Men.
Although there’s been talking that the “most sensible outcome” would be for Disney and Comcast to “split the baby,” the former may forego said option, opting to add cash to their initial all-stock offer instead, at least according to the latest from CNBC.
Should the Fox board – which will be convening this week to discuss the Comcast bid – consider the global telecommunications conglomerate tender superior to the agreement with Disney, the Mouse House will have five days to match the offer.
Of course, when all is said and done, should 21st Century Fox be willing to dance with The Walt Disney Company, there’s a good chance the United States Department of Justice Antitrust Division will intervene. Granted, they’d sued to block the merger between AT&T and Time Warner – which didn’t pan out, obviously – but with Disney and Comcast still going toe to toe, with plenty left in the tank, this thing is far from over.