Comcast Plans Bid for Fox Assets to Undercut Disney Deal (Report)

Read on: TheWrapTheWrap

Comcast is talking to investment banks about financing for an all-cash bid to acquire most of 21st Century Fox’s assets, Reuters reports. If successful, the move would displace the $52.4 billion deal announced by Disney in December.

Citing multiple unnamed sources, Reuters reports that Comcast is trying to increase bridge financing it previously arranged for its $31 billion bid to buy a 61 percent stake in U.K. broadcaster Sky. Fox owns 39 percent of Sky, and has been trying to purchase the company outright.

This is the second time in a year Comcast as gone after Fox. The company made an offer for Fox in 2017 but was rejected over antitrust concerns. Comcast is now waiting for the outcome of the ongoing legal effort by the Department of Justice to stop AT&T’s proposed acquisition of Time Warner. Comcast will only go forward with an offer for Fox assets if AT&T and Time Warner prevail in court, Reuters reports.

Representatives for Fox and Comcast declined to comment.

A representative for also Disney did not immediately reply to requests for comment.

Related stories from TheWrap:

Why Do Comcast and Fox Want to Buy Sky So Much?

Stocks Soar for Comcast and Sky After $31 Billion Offer

Comcast Tops Q1 Earnings Estimates Thanks to Winter Olympics and Super Bowl

Fox 'Remains Committed' to Sky Acquisition Despite Rival Comcast Bid