Fox shares rise three percent on potential Comcast offer

According to Reuters, Comcast is now talking to several investment banks to prepare a $60 billion cash bid for 21st Century Fox. In February, Comcast outbid Fox for the 61% stake the media company doesn't own in United Kingdom satellite company Sky Plc., agreeing to pay $30 million.

However, that deal may soon be off the table, as Comcast has started a bidding war not only for the acquisition of the Britain based satellite group Sky, but reportedly began discussions to find a way to beat Disney to the punch in acquiring Fox.

The judge is expected to make a decision by mid-June.

"Comcast and Disney are likely to view this as the last remaining transformational deal in media". But despite Comcast's larger bid, Disney CEO Bob Iger is still confident that the Disney/Fox merger will go through.

The results are further proof that Disney will need to rely more heavily on revenue from outside the television business as cord cutting accelerates and ESPN-Disney's once-great sports powerhouse-sees its fortunes dwindle.

Comcast and Fox declined to comment.

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Media mogul Rupert Murdoch may be in a pickle.

Comcast's stock has dropped since then, from around $38 to about $32 now, giving the company a market capitalization of $149 billion. The EC has the power to clear Comcast's £22 billion bid with or without conditions or it can kick off a four-month investigation if it has concerns about the deal.

Comcast is lining up financing to buy Fox's assets, countering Walt Disney Co.'s previously accepted $52 billion all-stock bid that would also include the assumption of debt. The cable company believes an all-cash offer would be compelling to most Fox shareholders.

Comcast shares have been under pressure in recent months. The move is a key requirement to take the bid forward.

It is keen to show Sky's investors that it can get through the regulatory process quickly, unlike Fox, which has faced repeated delays since it first agreed a takeover of Sky in December 2016.

(Copyright © 2015. All Rights Reserved.)
 
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