Fox rejected an offer from Comcast before Disney buyout: filing

April 19, 2018
Media giant 21st Century Fox, which was sold to Disney in December, rejected a higher buyout offer from Comcast over fears of regulatory risks

Media giant 21st Century Fox, which was sold to Disney in December, rejected a higher buyout offer from Comcast over fears of regulatory risks, a filing showed Wednesday.

The joint regulatory filing by Fox and Disney said a buyout by Comcast "carried a more significant risk of exposure to a range of negative outcomes for 21CF" while "a transaction with Disney would provide superior closing certainty as a result of the lower regulatory risk faced by Disney."

The decision came in the wake of the US Department of Justice legal challenge to a mega-merger between Time Warner and AT&T.

Comcast also refused to provide compensation if the transaction was blocked by competition authorities, while Disney proposed $2.5 billion.

Comcast had offered $34.40 per share compared to Disney's $29.

On December 14, Disney announced the purchase of many of Fox's assets for $52.4 billion, though a final approval by antitrust authorities is not expected before 2019.

Comcast was reported in February to have relaunched its bid, according to reports, offering to assuage some of Fox's concerns.

The media landscape is undergoing accelerated upheaval as traditional TV and film players seek to merge with cable operators to better combat tech giants, including Netflix and Amazon and their video streaming platforms.

Explore further: Comcast ponders new bid for 21st Century Fox: US media

Related Stories

Comcast ponders new bid for 21st Century Fox: US media

February 12, 2018

US cable company Comcast, which in December dropped an attempt to acquire 21st Century Fox, is considering relaunching that bid even though Walt Disney Co. has reached a deal, the Wall Street Journal reported.

Comcast reportedly no longer in deal talks with Fox

December 12, 2017

Citing a Comcast statement, the Wall Street Journal reported that the cable company is no longer in discussions to buy pieces of 21st Century Fox . That could open the door to a Disney bid.

Recommended for you

Permanent, wireless self-charging system using NIR band

October 8, 2018

As wearable devices are emerging, there are numerous studies on wireless charging systems. Here, a KAIST research team has developed a permanent, wireless self-charging platform for low-power wearable electronics by converting ...

Facebook launches AI video-calling device 'Portal'

October 8, 2018

Facebook on Monday launched a range of AI-powered video-calling devices, a strategic revolution for the social network giant which is aiming for a slice of the smart speaker market that is currently dominated by Amazon and ...

Artificial enzymes convert solar energy into hydrogen gas

October 4, 2018

In a new scientific article, researchers at Uppsala University describe how, using a completely new method, they have synthesised an artificial enzyme that functions in the metabolism of living cells. These enzymes can utilize ...

1 comment

Adjust slider to filter visible comments by rank

Display comments: newest first

not rated yet Apr 19, 2018
Before Clinton, and Bush II, there existed strong regulations to prevent the concentration of power in the system of media.

It was in place to make sure that democratic ideals where solidly on the side of the public and away from the hands of small groups of overly empowered men.

Those regulations were found to be absolutely necessary, in order to prevent oligarchical parasites from eating away at human freedoms, to prevent too much influence of the public channel of data and data shaping, so as to prevent the public's power from being usurped by these oligarchical parasites.

Parasites that require the concentration of power in order to enact regimes that turn, eventually, to totalitarianism. In place to prevent the rise of propaganda as being the fundamental in human information sharing systems in the given society and culture.

This current state of affairs is one of highly polarized propaganda and control by very very few men: +97% of all US popular media--by 5 men.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.