FOX Reacts To COMCAST's $65 Billion Cash Bid

21st Century Fox
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Twenty-First Century Fox has responded to the Comcast Corporation's $65B all-cash offer for its film and television assets up for sale, according to Deadline. 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.

“Twenty-First Century Fox has not yet made a determination, in light of Comcast’s proposal, as to whether it will postpone or adjourn the July 10, 2018 special meeting of stockholders to consider certain proposals related to the Disney Merger Agreement,” Fox said in a statement. “Twenty-First Century Fox remains subject to the Disney Merger Agreement. Consistent with the terms of this agreement and the fiduciary duties of the Company’s directors, Twenty-First Century Fox’s Board, in consultation with its outside legal counsel and financial advisors, will carefully review and consider the Comcast proposal."

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.

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