6/13/2018, 10:07 PM (Source: TeleTrader)
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Comcast offers $65B for 21st Century Fox

Comcast announced on Wednesday that it has joined the race to acquire 21st Century Fox as it bid $65 billion for the company's assets. The all-cash offer values Fox at $35 a share and is 19% higher than Walt Disney's bid which Fox has already accepted.

"We were disappointed when [Fox] decided to enter into a transaction with The Walt Disney Company, even though we had offered a meaningfully higher price," Comcast CEO Brian Roberts wrote in a letter to Fox shareholders.

In 2017, Fox agreed to sell its movie studio and most other assets to Disney in a stock deal worth $52.4 billion. Following reports that Comcast is preparing to compete for the acquisition of the media company's assets, Disney reportedly decided it would be ready to offer a significant portion of cash in its pursuit to secure the purchase of Fox.

Fox's shares rose 1.61% in after-hours trading, while Comcast fell 1% and Disney lost 0.3% following the announcement.

Breaking the News / NP