Things are moving quickly in Comcast‘s attempt to pull the rug out from under The Walt Disney Company and purchase 21st Century Fox. In just a few days, the Fox board will meet to discuss Comcast’s massive offer.
Earlier this year, Disney agreed to purchase 21st Century Fox for $52.4 billion. Everything seemed like a done deal and the companies would just need to ride out the legal proceedings to get the sale approved. However, Comcast recently crashed the party with an offer of their own, one that totals $65 billion.
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With another potential buyer in place, Fox has reason to weigh its options, and it looks as if the company will do just that. According to Variety, the board will be meeting on Wednesday to consider whether or not the Comcast offer is superior to Disney’s.
If that becomes the case, and Fox does open up to the new offer, Disney won’t be completely out of the running for the 21st Century assets. According to the initial terms of the deal, if a superior offer is presented, and Fox deems it superior, Disney will have five days to return with an even better proposal.
This meeting may be happening quickly, but it’s the second one that Fox has scheduled this summer in regards to the company’s sale. The Fox shareholders previously set a meeting to formally vote on the Disney deal on July 10. Obviously, if the bidding war between Disney and Comcast continues, that meeting could be in jeopardy.
Both Disney and Comcast want to purchase Fox outright, but there’s always a third option to be considered. The two companies could each purchase certain assets from 21st Century Fox, essentially splitting the haul between them. If this does occur, Disney would likely still purchase the rights to the X-Men and Fantastic Four characters, allowing Marvel Studios to have its entire comic book roster.
Do you think Comcast’s bid will block Disney’s purchase? Which company is better suited to take control of the assets? Share your thoughts in the comments below.
