Comcast is attempting to derail Disney‘s plans of buying out 21st Century Fox.
Last year, Disney made the bold move of offering 52 billion in stocks and money in return for the acquisition of the film and television divisions of Fox. The move would transfer several of Marvel’s comic characters, most notably the X-Men, Deadpool, and the Fantastic Four, into the Marvel Cinematic Universe. Marvel fans were excited at the idea that Wolverine and Mr. Fantastic could be making appearances in Avengers movies, but their hope may be shot down.
Comcast but in a bid for $65 million to challenge Disney’s acquisition. Comcast’s bid is for straight cash. The telecommunications company would acquire 20th Century Fox, 20th Century Fox Television, Fox-owned cable networks (including FX and National Geographic), various regional sports TV channels, and the company’s stakes in international networks Sky and Star TV. A 30 percent stake in the Hulu streaming service is also included in the proposed deal. Fox’s board of directors is scheduled to vote on the Disney deal on July 10th, so nothing is set in stone yet. Their meeting can be postponed in the wake of the new deal.
Comcast CEO Brian Roberts wrote a letter to Fox’s board, which read, “We were disappointed when 21CF decided to enter into a transaction with The Walt Disney Company, even though we had offered a meaningfully higher price. We have reviewed the publicly available terms of the proposed Disney transaction, as well as the joint proxy statement/prospectus filed with the SEC describing the reasons for the 21CF Board of Directors’ decision. In light of yesterday’s decision in the AT&T/Time Warner case, the limited time prior to your shareholders’ meeting, and our strong continued interest, we are pleased to present a new, all-cash proposal that fully addresses the Board’s stated concerns with our prior proposal.”