Comcast Tops Disney With $65 Billion Bid for 21st century fox
Comcast Corp. made an unsolicited offer to buy most of 21st Century Fox Inc. for roughly $65 billion, kicking off a bidding war with Walt Disney Co. The Comcast offer sets the stage for a high-stakes bidding war between two of the biggest players in media and telecom. Both Comcast and Disney are eager to buy Fox to bolster their positions in a changing industry.
We have long admired what the Murdoch family has built at Twenty-First Century Fox,” Comcast CEO Brian Roberts wrote Wednesday in a letter to Fox detailing the proposal.
Fox said it had received the Comcast offer and would carefully review it. Disney had no immediate comment.
Comcast was in talks to buy Fox late last year. But it lost out to Disney in part because major Fox investors weren’t sure the proposal would win over government regulators. Around the same time, the Justice Department sued to block the AT&T-Time Warner deal.