US cable operator Comcast is asking investment banks to increase a bridge financing facility by as much as $60 billion (Dh220bn) so it can make an all-cash offer for the media assets that Twenty-First Century Fox has agreed to sell to Walt Disney Co for $52bn, three people familiar with the matter said on Monday.
Comcast chief executive Brian Roberts only plans to proceed with the bid if a federal judge allows AT&T’s planned $85bn acquisition of Time Warner to proceed, the sources said. The US Department of Justice has opposed the AT&T-Time Warner deal over antitrust concerns, and a decision from US District Court Judge Richard Leon is expected in June.
Disney chief executive Bob Iger clinched an all-stock deal with Fox executive chairman Rupert Murdoch in December to acquire Fox’s film, television and international businesses, giving the world’s largest entertainment company an arsenal of shows and movies to combat growing digital rivals Netflix Inc and Amazon.com.
Comcast, owner of NBC and Universal Pictures, has also made a 22bn pound (Dh109bn) offer to acquire the 61 per cent stake in European pay-TV group Sky that Fox does not already own. In doing so, it topped an earlier offer for the entirety of Sky by Fox.
Last November, Comcast offered to acquire most of Fox’s assets in an all-stock deal valued at $34.41 per share, or $64bn, a regulatory filing showed last month. Like Disney, Comcast sought to buy Fox’s entertainment networks, movie studios, television production and international assets, the filing shows.
Fox ended up announcing an all-stock deal with Disney for $29.54 per share. In the regulatory filing, Disney and Fox cited regulatory hurdles as reasons to reject Comcast’s bid, even though they did not reference it by name.
The exact value of Comcast’s new bid for the Fox assets is not yet clear, although the $60bn in new financing indicates it is seeking significant firepower to outbid Disney. Comcast already has a $30bn bridge loan to finance its Sky offer.
The sources asked not to be identified because the matter is confidential. Comcast, Fox and Disney declined to comment.
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Read more
Comcast bids £22bn for Sky in head-to-head Murdoch battle
UK's takeover authority says Disney must acquire Sky if Fox bid fails
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Fox shares rose 5.13 per cent to $39.99 on the news in after-hours trading in New York on Monday. Comcast shares were down 1.5 per cent to $31.90, while Disney shares were down 0.5 per cent to $102.00.
Murdoch, who owns close to a 17 per cent in Fox and also has voting control, prefers to be paid in stock rather than cash for the Fox assets, because this makes the transaction non-taxable for shareholders, sources have said. It is not clear how receptive he would be to an all-cash offer.
Last month’s regulatory filing also showed that Fox viewed Disney’s stock as more valuable than Comcast’s, based on historic prices, and felt that a deal between Disney and Fox would generate greater long-term value. The Roberts family controls Comcast through a dual-class stock structure.
Comcast’s stock has dropped since then, from around $38 to about $32 now, giving the company a market capitalization of $149bn.
Disney has committed to share buybacks as a way of returning cash to Fox shareholders. As a result, Comcast sees an opening in being disruptive to the deal by making an all-cash bid, according to the sources.
Company%20profile
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
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Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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MATCH RESULT
Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
COMPANY%20PROFILE
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At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
50 million homes powered by renewable energy
6.5 billion litres of water saved
26 million school children given solar lighting