PHILADELPHIA – Comcast may make an offer for Twenty-First Century Fox, potentially putting it in a head-to-head bidding war with Disney.
Comcast Corp. on Wednesday did not provide specific details on a bid, other than to say that it would be all cash and at a premium to the value of Disney’s current all-stock offer.
The Wall Street Journal and others reported earlier this month that Comcast had $60 billion to challenge Disney.
Disney’s $52.4 billion bid would go a long way in allowing it to better compete with technology companies in the entertainment business. Any tie-up would put in its stable more Marvel superheros, as well as the studios that produced the Avatar movies, “The Simpsons” and “Modern Family.” Disney would control Fox’s cable and international TV businesses as well.
Comcast said Wednesday that it’s in the “advanced stages” of preparing its bid. The Philadelphia company said the structure and terms of its offer would be at least as favorable as Disney’s.
A potential transaction with either Disney or Comcast would not include the Fox News Channel, Fox Business Network, Fox Broadcasting Company and certain other assets.
Comcast’s stock fell 2 percent in premarket trading, while shares of the Walt Disney Co., based in Burbank, California, dipped slightly.
Local journalism is essential.
The journalists of The Spokesman-Review are a part of the community. They live here. They work here. They care. You can help keep local journalism strong right now with your contribution. Thank you.
Subscribe to the Coronavirus newsletter
Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.