COMCAST Makes $65B All-Cash Bid for FOX Despite DISNEY Deal

21st Century Fox
Credit: 21st Century Fox

In a move that's sure to frowned upon by many hardcore Marvel Cinematic Universe fans, the Comcast Corporation has offered $65 billion in cash for the majority of Twenty-First Century Fox's television and studio assets, according to Variety.

This comes after Fox's executive team publicly agreed to a $52.4B all-stock bid from the Walt Disney Company back in December 2017.

"We have long admired what the Murdoch family has built at Twenty-First Century Fox,” Comcast CEO Brian Roberts wrote in a letter to the Murdoch family, which owns a controlling portion of Fox. Roberts relayed that Comcast" would be the right strategic home" for the assets up for sale.

According to the Hollywood trade, Comcast's $65B is valued at $35 per Fox share - purportedly 19% more than Disney's all-stock offer. Back in late May, CNBC (a subsidary of Comcast) reported that Disney was working with financiers regarding adding cash to their previously-agreed upon all-stock deal; either changing some of the stock to cash, or adding in cash on-top of the $52.4B all-stock offer.

As part of the Fox/Disney deal, Fox agreed to a $1.52B penalty "breakup fee" if Fox pulls out of the deal for anything but a regulatory issue. According to Variety, Comcast has offered to reimburse Fox for that penalty if they accept their offer.

A Twenty-First Century Fox investor meeting regarding the sale is scheduled for July 10.

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