Comcast challenges Disney with $65B bid for Fox
NEW YORK (AP) – Comcast is making a $65 billion bid for Fox’s entertainment businesses, setting up a battle with Disney to become the next mega-media company.
The bid comes just a day after a federal judge cleared AT&T’s takeover of Time Warner and rejected the government’s argument that it would hurt competition in cable and satellite TV and jack up costs to consumers for streaming TV and movies. The ruling signaled that Comcast could win regulatory approval, too; its bid for Fox shares many similarities with the AT&T-Time Warner deal.
Comcast says its offer is 19 percent higher than Disney’s all-stock deal.
The battle for Twenty-First Century Fox comes as traditional entertainment companies try to amass more properties to compete better with technology companies such as Netflix for viewers’ attention – and dollars.