With rumors swirling over Disney purchasing the bulk of 21st Century Fox, another company showed their interest in purchasing the media giant.
Comcast has thrown its hat in the ring, offering a staggering $65 billion for the chunk of Fox. This will surely start a bidding war with Disney, who in the past has always just bought whatever they wanted. Does Comcast have enough money to challenge, or is $65 billion good enough?
As reported by nytimes.com
Comcast announced an offer worth $65 billion for the bulk of 21st Century Fox’s businesses on Wednesday, setting up a showdown with the Walt Disney Company for Rupert Murdoch’s media empire.
The all-cash bid by Comcast, the largest cable company in the United States, came a day after a federal judge approved a merger between AT&T and Time Warner. Comcast executives had awaited the decision in that case before mounting their bid for 21st Century Fox.
In December, Disney struck a $52.4 billion, all-stock deal for Fox’s assets. Comcast, whose roughly $60 billion offer for the Fox assets was rebuffed last year, is now including contractual assurances such as a reverse breakup fee — worth about $2.5 billion — in the event a transaction is blocked by the government.
Will Comcast snag the Fox properties out from under Disney, or will the mouse prevail once again, and extend its media empire even farther? The current offer by Comcast is about 19% higher than Disney's, but we all know Disney can go much, much higher.
Let us know your thoughts in the comments.