Is Comcast Preparing To Make Unsolicited Offer For Fox?

Fox stock jumps after report that Comcast is preparing to battle Disney for megadeal

News agency Reuters reported that Comcast Corp (NASDAQ:CMCSA) is seeking finance so it can top the Disney bid for various media assets of Twenty-First Century Fox Inc (NASDAQ:FOXA).

The cable operator has asked investment banks to increase its financing facilities, according to a report from Reuters that cites sources close to the matter, but will only go ahead with its bid if authorities allow AT&T Inc.

Comcast already owns NBC Universal, and it is also making a bid to take over all of Sky, a British broadcaster which it has a 39 percent stake in.

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There seems to be no shortage of twists and turns in the ongoing battle for 21st Century Fox's assets.

The judge is expected to deliver a decision on the AT&T-Time Warner deal in June, a ruling that determines Comcast's next move. This comes after Comcast offered $31 billion to get a 61% stake in Europe's pay-TV group Sky PLC. That opened the door to Comcast's counteroffer.

It looks like Disney's big plan to buy a significant part of Fox's assets is not a sure thing.

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Disney shares fell 1 percent in morning trade in NY, while Comcast's dipped 3.5 percent to $31.25. Fox rejected the offer, agreeing to an all-stock deal with Disney for $29.54 per share instead.

For those unaware, Comcast was another corporate entity that proposed to acquire 21st Century Fox a year ago.

Comcast rival Verizon is also reportedly interested in buying Fox, so a deal certainly won't come easily for any party.

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Disney has committed to share buybacks as a way of returning cash to Fox shareholders. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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