COM­CAST WEIGHS INTO FOX RACE

The Gold Coast Bulletin - - BUSINESS -

BROAD­CAST­ING gi­ant 21st Cen­tury Fox says it has re­ceived Com­cast’s un­so­licited $US65 bil­lion ($86 bil­lion) of­fer for its as­sets and will re­view it.

Com­cast and Dis­ney are bat­tling over 21st Cen­tury Fox’s as­sets in­clud­ing its movie stu­dios, ca­ble net­works and in­ter­na­tional busi­ness.

The Fox tele­vi­sion net­work and some ca­ble chan­nels in­clud­ing Fox News and Fox Busi­ness Net­work, are not part of the deal.

In De­cem­ber, 21st Cen­tury Fox agreed to Dis­ney’s $US52.4 bil­lion of­fer and share­hold­ers were set to vote on it on July 10.

In a state­ment yes­ter­day, 21st Cen­tury Fox said it re­mained sub­ject to its agree­ment with Dis­ney and would “care­fully re­view and con­sider” the Com­cast pro­posal. The com­pany has not yet de­cided if it will post­pone or can­cel the July 10 vote on Dis­ney’s of­fer.

Com­cast’s $US65 bil­lion cash of­fer for 21st Cen­tury Fox’s en­ter­tain­ment busi­nesses is higher than the $US60 bil­lion pun­dits had been pre­dict­ing.

Com­cast has of­fi­cially made a $65 bil­lion all-cash bid for the ma­jor­ity of Fox.

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