Comcast makes $65B bid for 21st Century Fox assets, nudging out Disney


21st Century Fox, the parent company of FOX Business and Fox News, confirmed Wednesday night that it had received Comcast's offer. Fox shareholders are set to vote on the Disney bid on July 10. Disney would then have five days to respond with a counter bid.

Comcast's letter didn't directly mention yesterday's AT&T/Time Warner decision, but it repeatedly cites the belief that this deal will be approved by regulators.

"The rest" is most notably FX Networks, National Geographic, a 30-percent stake in Hulu, and the 20th Century Fox film and television production studios, which include those coveted movie rights.

Comcast is going all-in to win 21st Century Fox.

AT&T's $85.4 billion acquisition of media giant Time Warner can proceed, a federal judge said Tuesday.

Comcast said in May it was in advanced stages of preparing a higher all-cash offer for Fox's assets but did not indicate the value of its bid. It's a dramatic attempt to thwart Disney, which reached a $52.4 billion deal in December for the same film and TV assets.

The move follows a previous bid being rebuffed past year. The Justice Department had argued that letting AT&T (a content distributor) combine with Time Warner (a content creator) would reduce competition between the mobile-phone giant and its rivals, and thus, hurt consumers.

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Even if Fox moves forward with Comcast's latest offer, it turns out that the Marvel Cinematic Universe could still end up with the coveted comic book heroes that Fox owns.

Comcast's offer comes after Fox went with Disney despite a much higher bid in the low $60 billion range. It has been reported though that Fox execs are still leaning towards Disney and have asked their shareholders to do the same.

The US cable kingpin officially made its offer on Wednesday to acquire 21st Century Fox in an all-cash deal worth $65bn.

AT&T and Time Warner together are some of the largest buyers of advertising around the globe, spending billions of dollars to market their products.

Comcast in a statement outlined an offer that was similar to Disney's, including a commitment to the same divestitures.

"We have reviewed the publicly available terms of the proposed Disney transaction, as well as the joint proxy statement/prospectus filed with the SEC describing the reasons for the Fox board of directors' decision", Roberts wrote.

If things don't work out for Comcast, however, I am available for outright purchase should they need and will happily accept cash offers of that magnitude.