Disney’s $52.4 billion stock-based deal with Fox is still pending for the latter’s TV and film assets but Comcast has now thrown its hat in the ring as well with a competing bid. Comcast has made a higher offer that not only comes in at almost $65 billion but also happens to be an all-cash offer for $35 per share. The bid is expected to mark the beginning of a battle between the two companies with Fox having to decide which is the better option.
Comcast’s bid for 21st Century Fox comes less than a month before the company’s board of directors is due to vote on the Disney bid on July 10th. “Time is of the essence for your consideration of our proposal,” implored Comcast CEO Brian Roberts in a letter to Fox’s board.
The company has bid almost $65 billion for the 20th Century Fox movie studio, 20th Century Fox Television, cable networks owned by Fox, various regional sports TV networks as well as the company’s stakes in Sky and Star TV networks. The deal will also net a 30 percent stake in Hulu.
Fox has said that it’s going to consult with its outside legal counsel and financial advisers before carefully reviewing and considering the proposal made by Comcast. It has not decided to postpone the July 10th vote at this point in time.