A week earlier, Comcast made a $65 million offer to purchase most parts of 21st Century Fox to unsettle the accession of Disney-fox, which announced last year. Apparently, there is a bidding war situation as Both of these media giants have been chasing this deal for months, yet the financial terms for each of the company are different, both also looking for same assets of Fox.
Now Comcast and Disney both wanted to run 21st Fox century as an independent company which would be called “New Fox.” It will run independently after Fox acquisition, a separate entity which keeps the ownership of Fox television station group. The New Fox would retain core properties of Fox TV broadcasting including, Fox News Channel, Fox Sports, Big Ten Network, Fox Deportes, Apart from these it will consist 28 TV stations nationwide.
After many weeks of this bidding war, Comcast comes up with another play to derail Disney $52.4 billion deal with 21st Century Fox film assets. Therefore, Comcast thinks of going one step ahead and offer $35 per share which makes $65 million this move would likely to start an intense fight between these two media Giants. Fox board of directors planned to vote for Disney deal on 10th of July.
Comcast CEO Brian Roberts wrote in a letter to Fox’s board, “Time is of the essence for your consideration of our proposal, Comcast has filed a statement with the SEC in opposition to the Disney/21st Century Fox merger. On Wednesday evening, Fox said “21st Century Fox’s board, in consultation with its outside legal counsel and financial advisors, will carefully review and consider the Comcast proposal.”
Comcast bid is for the movie studio 20th Century Fox Television, 20th Century Fox including national geographic and FX, and some regional sports TV networks. The company who end up buying 21st-century fox will acquire 20th Century Fox, Fox Searchlight Pictures, and Fox 2000 film production studios which means one of them will gain the ownership of franchise like, X-Men, Fantastic Four, Deadpool, Avatar, Planet of the Apes, Alien, Predator, Home Alone Independence Day, The Martian and many more.
Officially, Disney has raised its bid to purchase giant film and TV assets The 21st Century Fox for $38 per share which makes 71.3 billion. Along with this offer, Disney is also giving 21st-century fox stockholder an option to receive share either in cash or buy Disney stock that ultimately produces a 50/50 proration situation which eventually cuts all appealing offers from Comcast.
As for now, Fox board of directors postponed the meeting date 10th of July, a new date hasn’t given yet. Maybe Fox is making time to think on Disney offer or Comcast having its final chance whether to up the bid for Fox assets or not, We can only hope this bidding war will end soon.