NEW YORK (CelebrityAccess — Cable giant Comcast Corp. has just officially complicated Walt Disney Co. attempt to acquire content company 21st Century Fox, by going public with plans for a higher bid of its own.
In a press release on Wednesday, Comcast said:
“In view of the recent filings with the U.S. Securities and Exchange Commission by The Walt Disney Company and Twenty-First Century Fox, Inc. in preparation for their upcoming shareholder meetings to consider the acquisition of Fox by Disney, 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 spin-off 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.”
According to the Wall Street Journal, a source at Comcast said the company was in advanced stages of preparing financing for their bid, which would be worth about $60bn.
A source told the WSJ that Comcast was prepared to begin talks with key Fox shareholders as soon this week and that they key delay has been waiting for the decision on the AT&T-Time Warner deal, which is currently being evaluated by federal regulators over market consolidation concerns.
However, Comcast decided to make their preparations for a bid public as they were concerned that Disney and Fox might rush a shareholder vote ahead of the A&TT/Time Warner ruling, the WSJ said.
Both Disney and Comcast are eyeing content key content makers like Fox as they gear up to compete against on-demand content services like Netflix and Amazon.