Comcast bids $65B for Fox property, setting the stage for a combat with Disney – TechCrunch

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Comcast made good on its plans to make a proposal for 21st Century Fox’s movie and TV property right this moment, with a money bid of $65 billion, or $35 per share.

That’s 19 p.c greater than the $52.four billion that Disney agreed to pay in December.

This follows yesterday’s U.S. court docket approval of the merger of AT&T and Time Warner, which was broadly anticipated to guide Comcast to make a brand new bid for Fox and, within the long-term, set the stage for broader consolidation between ISPs and media firms. (That is the place I remind you that TechCrunch is owned by Oath, a digital media subsidiary of Verizon.)

In a letter to Fox executives (specifically Rupert, James and Lachlan Murdoch), Comcast CEO Brian Roberts wrote that after conferences final yr, his crew was satisfied that Comcast could be “the best strategic dwelling” for the Fox property, and that “we had been disillusioned when 21CF determined to enter right into a transaction with The Walt Disney Firm, although we had provided a meaningfully larger value.”

“In gentle of yesterday’s choice within the AT&T/Time Warner case, the restricted time previous to your shareholders’ assembly, and our robust continued curiosity, we’re happy to current a brand new, all-cash proposal that totally addresses the Board’s acknowledged considerations with our prior proposal,” Roberts stated.

This might set off a battle between Comcast and Disney . The property at stake embrace the Fox movie studio (which owns the Avatar franchise, the movie rights to the X-Males and Implausible 4 and the unique Star Wars), its TV studio, its cable networks and its stake in Hulu.

Within the letter, Roberts additionally stated a Comcast-Fox acquisition is “as or extra more likely to obtain regulatory approval than the Disney transaction” and that Comcast would reimburse Fox for the $1.5 billion breakup price with Disney.

Replace: Fox launched a press release confirming that it has obtained the bid. It additionally stated, “21st Century Fox has not but made a willpower, in gentle of Comcast’s proposal, as as to whether it’ll postpone or adjourn” its July 10 stockholder assembly to debate the Disney acquisition.

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