Fox to Meet Next Week to Consider Comcast Bid
21st Century Fox’s Board of Directors will be meeting on Monday to review and debate Comcast’s $65 million bid to buy most of the former’s film and television assets.
This is happening only a week after Comcast moved to make a counteroffer on Walt Disney Company’s plans to purchase most of Fox in a deal which has been valued at $52.4 billion. This isn’t the first time that Comcast has attempted to buy most of Fox’s media assets, but the last time their offer was rejected due to regulatory issues.
RELATED: Disney & Comcast Could End Up Splitting Fox’s Assets
In a recent court decision, anti-trust claims were rejected which opens the way for AT&T to buy Time Warner, which has given Comcast a precedent for trying to buy Fox again. If nothing else, its offer may compel Walt Disney Company to offer more money, a move which will ultimately benefit Fox. Disney has the right to make a new bid and will have five days to submit a new proposal following the board’s decision as to whether or not Comcast’s offer is better than what Disney is offering the company.
No matter which corporation gets this huge chunk of Fox’s holdings, the results will be a huge win for the company as Comcast has predicted that combined, the corporations could produce $130 billion in revenue. This would allow the company to more easily compete with Amazon and Netflix while controlling a wide library of media properties, all of which would serve them well for years to come.
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