Not So Fast

Comcast Preparing $60B Cash Bid to Gatecrash Disney-Fox Deal

Comcast is readying a last-minute bid to gatecrash a $52 billion deal for the entertainment assets that 21st Century Fox had already agreed to sell to Walt Disney, according to reports. The entertainment behemoth is asking investment banks to increase a bridge financing facility by as much as $60 billion so it can make an all-cash offer that outdoes Disney’s bid. Fox agreed the deal with Disney in December, which included Fox’s film and TV studios, as well as its 39 percent stake in satellite broadcaster Sky. Comcast is mulling over whether to attempt to break up that deal, with one pivotal factor being the outcome of the government’s lawsuit to stop the pending merger of AT&T and Time Warner. If the companies are successful and their deal survives, Comcast would be emboldened to pursue the Fox assets, The Wall Street Journal reports.