It’s been almost six months since Disney made the historic move to acquire nearly all of Fox‘s entertainment assets for the price of $52 billion dollars. However, a lot has changed since then. And it looks like there are other parties who are interested in claiming a piece of the Fox pie.
Earlier this year, Comcast expressed interest in acquiring Fox. The company, which also owns Universal, originally made a higher bid than the Mouse House. Their stake was priced at $60 billion. But the deal was rejected with Fox citing anti-trust issues. Now it looks like Comcast is making another move for Fox. This time offering all cash as opposed to Disney’s stock options. More on the story below.
THR says Comcast is offering a higher price for the same deal that Disney would be getting. That deal would see Disney acquiring all of Fox’s entertainment assets, which include films – 20th Century Fox and Fox Searchlight Pictures – and television – FX, FXX, National Geographic. Fox would then rebrand its sports and news media into something new. According to the report, it would be called New Fox.
“Comcast Corporation confirms that it is considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney (which do not include the Fox News Channel, Fox Business Network, Fox Broadcasting Company and certain other assets). Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney. The structure and terms of any offer by Comcast, including with respect to both the spinoff of ‘New Fox’ and the regulatory risk provisions and the related termination fee, would be at least as favorable to Fox shareholders as the Disney offer.”
While Comcast’s initial deal to purchase Fox fell through due to anti-trust issues, it’s been suggested that Comcast could be waiting for a court decision on the deal for AT&T to acquire Time Warner before making their final decision on their bid for Fox.
But as they wait and see if Fox is willing to come to the table, Comcast is making some moves of their own. Last month, Comcast formally made a $31 billion bid for European pay TV giant Sky, in which Fox owns a 39 percent stake.
Fox and Disney didn’t immediately comment. However, Fox executive co-chairman Lachlan Murdoch said that they were committed to seeing the deal all the way through.
Of course, we will keep you up to date on any developments.