Fox said notoa higher bidder

Firm reveals Comcast offered 16% more for its assets than Disney.

Comcast Corp. offered 21st Century Fox Inc. at least 16% more for a chunk of its assets than Walt Disney Co. did, though regulatory concerns ultimately led controlling stockholder Rupert Murdoch to accept the lower bid.

In a joint filing Wednesday with Disney in connection with their $52.4-billion deal, Murdoch’s 21st Century Fox described monthslong talks with a media group described as Party B but widely known to be Comcast. The filing said Party B offered Murdoch $34.41 a share for much of Fox’s entertainment portfolio.

Ultimately, Murdoch accepted an offer from Disney valuing much of Fox at $28 a share after meeting with that company’s chief executive, Bob Iger. The two men met Aug. 9 in Los Angeles, where they mulled over how to respond to the changing film and TV landscape. Wednesday’s filing pegged the value at $29.54 a share based on Disney’s Dec. 13 closing price, the day before the deal was announced.

The report explains why New York-based Fox chose Disney as its merger partner over Comcast. A deal with the Philadelphia cable provider came with more regulatory risk and potentially costly divestitures, and it didn’t include a termination fee if the accord fell through. Disney had already upped its offer for the Fox assets from $23 a share and was willing to pay $1.53 billion if the deal faltered, or $2.5 billion if regulators scotched it, the filing said.

Comcast, the largest U.S. cable TV provider, didn’t respond to a request for comment.

Fox has agreed to sell assets including its film and TV studios, cable networks and other assets to Disney in an all-stock deal. Fox plans to spin off other assets into a separate company.