IT’S COMCASH BID

Roberts betters Iger’s offer for Fox’s assets

The clash of media titans is on as Comcast on Wednesday bid $65 billion in cash for a chunk of Twenty-First Century Fox’s media assets, which is a 19 percent premium to Disney’s $52.4 billion allstock merger offer.

The bid came less than 24 hours after US District Judge Richard Leon ruled that AT&T should be allowed to buy Time Warner for $85 billion in a cash and stock deal over the government’s objections.

The chances of Comcast’s bid for Fox’s assets getting stopped by regulators went from “modest” to “minimal,” a source close to the situation said of Leon’s ruling.

Fox is controlled by Rupert Murdoch, who also owns The New York Post parent News Corp.

Comcast’s offer is the largest all-cash deal of all time, according to Thomson Reuters, surpassing Bayer’s $64 billion allcash offer for Monsanto that has just received US regulatory approval.

AT&T through its ownership of DirecTV is the country’s biggest video programming distributor, and Comcast is second. Buying Time Warner gives AT&T content including HBO, CNN, TBS and TNT. Comcast by buying Fox’s media assets would own film production businesses Twentieth Century Fox and Fox Searchlight Pictures, as well as 21 sports regional networks including YES in New York, and a con- trolling stake in Hulu and international properties.

Much of what Comcast is bidding for are Fox’s stakes in international programmers, including its Sky holdings.

“In light of yesterday’s decision in the AT&T/ Time Warner case, the limited time prior to your shareholders’ meeting, and our strong continued interest, we are pleased to present a new, all-cash proposal that fully addresses the [Twenty-First Century’s] Board’s stated concerns with our prior proposal,” Comcast Chief Brian Roberts said in a letter to Fox, referring to a prior rejected proposal.

Fox said it is considering the new, unsolicited offer.

The company also said it has not decided yet whether to postpone the July 10 special meeting of stockholders to consider the Disney agreement.

The company is separating the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network, into a newly listed company that will be spun off to its shareholders.

BTIG Analyst Rich Greenfield wondered if Disney’s Bob Iger would increase his bid.

Comcast will likely put out an even higher bid if Disney counters, Greenfield said.