Comcast Urges Fox Shareholders to Reject Disney Deal

One of the biggest deals in Hollywood is currently unfolding as the Walt Disney Company is making moves to purchase a majority of 21st Century Fox's film and TV licenses. Many industry pundits felt as though it would only be a matter of time before the deal went through, until Comcast stepped in to begin making offers on their own, adding some complications to the deal. In hopes of swaying Fox's decision, Comcast issued a 43-page message to Fox shareholders in hopes of sealing the more lucrative deal.

Comcast's offer is an all-cash $35 per share deal, valued at roughly $65 billion. A vote on Disney's offer is set for July 10th, though Fox issued a statement today claiming they have yet to decide whether or not they will postpone this vote.

“We believe that a vote against the Disney merger agreement proposal will send a clear message to the 21CF board that you firmly believe the Comcast proposal is a superior proposal, that you do not want the proposed Disney transactions to be completed, and that the 21CF board should instead engage in good faith with Comcast to negotiate and execute definitive agreements with respect to the Comcast proposal,” Comcast's filing reads, per Deadline.

Following the announcement of the proposed deal late last year, Marvel fans immediately became invested in how it would turn out, as the acquisition of Fox would mean bringing the X-Men and Fantastic Four into the Marvel Cinematic Universe. In the months since, the two companies have failed to come to an official agreement, with Comcast's offer now delaying progress even further.

“These are highly strategic and complementary assets,” Comcast CEO Brian Roberts shared during a conference call about the deal. “We are in our minds the right buyer with the superior proposal and as much or better certainty and commitments and safeguards for Fox and the Fox board that are the same as those provided by Disney.”

Last December, Fox rejected an initial offering from Comcast and decided to pursue Disney's more paltry plea, as it was assumed to have been a safer bet. Comcast's new deal, which emphasizes cash over stocks, would be a more stable offer due to varying peaks and valleys in Disney's stock prices.

The coming months are sure to bring a deal of some sorts, though, at this point, the deal could go down a variety of paths.

Stay tuned for details.


Do you think Disney or Comcast should get the deal? Let us know in the comments below!

[H/T Deadline]