Published: Thu, May 10, 2018
Finance | By Jaime Brady

Comcast Planning $60B Bid for Fox Assets

Comcast Planning $60B Bid for Fox Assets

This followed a bidding war with Comcast, which culminated when the latter company dropped its $60 billion offer on December 11.

Sky might not be the limit for Comcast Corp., which is mulling another bid for 21st Century Fox assets, a move that could upend the Walt Disney Co.'s efforts to buy much of Fox from Rupert Murdoch.

This isn't the first time Comcast has been interested in Fox's media assets.

Disney said in its initial announcement that buying Fox assets would allow the company-which already owns Marvel and most of its properties-to "reunite the X-Men, Fantastic Four, and Deadpool" with the rest of its Marvel brands. Disney will also acquire FX Networks, National Geographic Partners, Fox Sports Regional Networks, Fox Networks Group International, Star India and Fox's interests in Hulu, Sky plc, Tata Sky and Endemol Shine Group. While Disney and Fox's respective boards of directors approved the deal, it hasn't gone through yet.

If Comcast struck a deal with Fox, the telecomm giant would hit a media jackpot, acquiring Fox's film, television and worldwide businesses, giving the company a hefty portfolio to rival rising platforms like Netflix.

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As Reuters explains, Comcast exhausted to buy Fox a year ago but the deal never went through reportedly due in part to antitrust concerns.

The Burbank entertainment giant subsequently announced a reorganization that positioned two executives as possible successors to Iger: Kevin Mayer, the newly appointed head of the direct-to-consumer business, and Bob Chapek, head of parks and consumer products.

John Nallen, now the chief financial officer of 21st Century Fox, is expected to become the chief operating officer of the so-called New Fox, the people said.

Comcast is waiting to make a formal offer until they see how the judge rules in the case regarding AT&T's pending acquisition of Time Warner. Comcast believes in the judge's favorable ruling and are planning ahead by approaching investment banks in anticipation of that judgement. The Walt Disney Company has a large financial resources at their disposal.

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