You may want to get some pop corn and get ready to watch the show, because the battle for Fox isn’t over. Comcast is jumping back into the race for Fox with Estimated $60 Billion offer.
On Wednesday, Comcast confirmed that it’s in the “advanced stages” of making an offer. The company provided very few details other than it would it be an all-cash offer. Disney offered Fox a $52.4 billion all-stock deal late last year, and shareholders are expected to vote on the offer this summer. Comcast is hoping to sneak in with this all-cash offer ahead of that vote.
Last year, even though it exceeded Disney’s offer, Fox’s board rejected Comcast’s original bid, because they believed it was more risky with regulators to get approval. Now it seems that another major deal — Time Warner and AT&T — might actually go through. If it does, Comcast could potentially acquire parts of Fox without alarming regulators.
The Fox assets — which range from international pay-TV distribution to cable networks and a stake in streaming giant Hulu — are some of the most-prized entertainment properties likely to come on the market for some time, and the Murdoch family’s willingness to sell these assets has come as a surprise to many in the media industry.
The rare acquisition opportunity, combined with the need to significantly expand overseas and acquire new distribution and content, is adding a dimension of urgency for both Comcast and Disney.