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Comcast in 'advanced stages' of 21st Century Fox bid | Comcast in 'advanced stages' of 21st Century Fox bid |
(about 3 hours later) | |
Cable TV giant Comcast says it is considering a takeover offer for Rupert Murdoch's 21st Century Fox, setting the stage for showdown with Walt Disney. | Cable TV giant Comcast says it is considering a takeover offer for Rupert Murdoch's 21st Century Fox, setting the stage for showdown with Walt Disney. |
Disney has agreed to pay $52.4bn for Fox, but Comcast said it was in the "advanced stages" of preparing a better bid. | Disney has agreed to pay $52.4bn for Fox, but Comcast said it was in the "advanced stages" of preparing a better bid. |
Any offer would be "all-cash and at a premium" to Disney's all-share offer, oComcast said in a statement. | Any offer would be "all-cash and at a premium" to Disney's all-share offer, oComcast said in a statement. |
But the US firm, which owns NBC, said no final decision has been made. | But the US firm, which owns NBC, said no final decision has been made. |
Rumours about Comcast's interests in Fox have circulated for weeks, but it is the first time it has confirmed its intentions. | Rumours about Comcast's interests in Fox have circulated for weeks, but it is the first time it has confirmed its intentions. |
Like Disney, it wants to buy all of Fox's assets except its news channel and main sports and business networks. | Like Disney, it wants to buy all of Fox's assets except its news channel and main sports and business networks. |
That would include the 20th Century Fox film studio, the Fox television network and the Asian pay-TV network Star TV. | That would include the 20th Century Fox film studio, the Fox television network and the Asian pay-TV network Star TV. |
It would also include a 39% stake in Sky, for which Comcast tabled a separate bid in April, taking it into direct conflict with Fox, which wants to acquire the British broadcaster outright. | It would also include a 39% stake in Sky, for which Comcast tabled a separate bid in April, taking it into direct conflict with Fox, which wants to acquire the British broadcaster outright. |
Regulatory scrutiny | Regulatory scrutiny |
Any takeover attempt by Comcast would be likely to face regulatory scrutiny, as will Disney's offer. | Any takeover attempt by Comcast would be likely to face regulatory scrutiny, as will Disney's offer. |
The US government is currently suing to block a merger between Time Warner, and the telecoms giant AT&T. | |
Experts say the firm would be unlikely to proceed with an offer for Fox until a judge rules on that case in June. | Experts say the firm would be unlikely to proceed with an offer for Fox until a judge rules on that case in June. |
However, in its statement, Comcast promised to pay a significant break fee should regulators scupper a deal. It said this "would be at least as favourable to Fox shareholders" as Disney's offer of $2.5bn. | However, in its statement, Comcast promised to pay a significant break fee should regulators scupper a deal. It said this "would be at least as favourable to Fox shareholders" as Disney's offer of $2.5bn. |
The fight for 21st Century Fox comes as traditional media groups scramble to consolidate in the face mounting competition from online challengers like Netflix and Amazon. | The fight for 21st Century Fox comes as traditional media groups scramble to consolidate in the face mounting competition from online challengers like Netflix and Amazon. |
It has driven broadcast giant CBS to try to merge with Viacom, which owns the MTV and Nickelodeon television stations. | It has driven broadcast giant CBS to try to merge with Viacom, which owns the MTV and Nickelodeon television stations. |
It has also spurred AT&T's $85.4bn offer for Time Warner, whose other assets include pay TV channel HBO. | It has also spurred AT&T's $85.4bn offer for Time Warner, whose other assets include pay TV channel HBO. |
However, analysts believe such tie ups will face close scrutiny from US regulators who fear consolidation could drive up prices for consumers. | However, analysts believe such tie ups will face close scrutiny from US regulators who fear consolidation could drive up prices for consumers. |