comcast counters disney bid 21st century fox

Comcast

Comcast counters Disney’s bid for 21st Century Fox

The counter-proposal could determine the future of multiple superhero franchises

 

Joseph Knoop

Internet Culture

Published May 23, 2018   Updated May 21, 2021, 3:05 pm CDT

The war for pop culture dominance continues as Comcast on Wednesday announced what is likely a multi-billion dollar bid to purchase 21st Century Fox, countering Disney’s prior proposal for control over the expansive media company.

According to a press release by Comcast, the company confirmed it is in the “advanced stages” of preparing an offer for the businesses that Fox previously agreed to sell to Disney.

Disney and 21st Century Fox recently filed documents to the Securities and Exchange Commission ahead of shareholder meetings. Those meetings, scheduled for the summer, are when shareholders of both companies were originally set to vote on the $52.4 billion acquisition of Fox’s assets.

Fox broadcast network, Fox News, and the company’s litany of local news stations are not up for grabs under the deal. All Fox film studios, television studios, and various Fox-owned cable networks like FX, National Geographic, and others are up for grabs.

If Fox accepts Comcast’s offer over Disney’s, it means that properties like X-Men, Fantastic Four, and the highly successful Deadpool franchise would be under Comcast’s control. If that happens, don’t expect any of those superhero franchises to team up with the Marvel Cinematic Universe anytime soon.

Comcast didn’t specify an exact amount it plans to offer, but a report by Deadline indicates that it’s expected to be in the “$60 billion range.”

Most notably, Comcast’s offer comes in the form of cash, as opposed to Disney’s stock-based offer. This means that Comcast’s shareholders would essentially take on the entire financial risk of the acquisition, whereas a stock acquisition shares the financial risk with both party’s stockholders. Cash acquisitions can be more beneficial to the selling party if they’re interested in a complete divestment of risk.

H/T Game Informer

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*First Published: May 23, 2018, 4:12 pm CDT