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Comcast tanks on reports of $ 60 billion challenge for Fox Disney deal



The media battle continues.

Action Alerts PLUS, Comcast Corp. (CMCSA) stocks fell on pre-market Tuesday, as reportedly competing for the media assets of Twenty-First Century Fox Inc. is prepared. (FOX) has agreed to sell to Walt Disney Co. (DIS), including UK Sky Plc (SKYAY).

Comcast has also officially informed the European Commission of its plans to make an offer for Sky, the UK's largest pay-TV company, worth $ 30 billion if approved in Brussels and London. Fox's total Comcast offering, including 61% of Sky's currently on the table, could total $ 60 billion, based on a Reuters report from Philadelphia, Pennsylvania, on bridge financing indicates agreement of a similar size.

Comcast shares were 1

.51% lower in pre-market trading in New York, indicating an opening price of $ 31.90 per share, a move that would cut the stock by 6.9% as its non-binding bid had specified for Sky on April 25. Meanwhile, Sky's shares were down 1.4% in the morning in London and trading at 1,353.5 pence, still well north of the £ 12.50 bid Comcast said it was ready to make it last month and filed first February.

The complex deal depends on Fox's agreement in December to sell most of its assets – including Flim Studios, FX Networks, Fox Sports Regional Networks; Fox's international networks; Indian satellite TV group Star India; and shares in National Geographic Partners, Hulu LLC, and Sky – at Disney for approximately $ 52.4 billion.

Rupert Murdoch was reportedly concerned about the regulatory outlook for the sale of media assets to Comcast, which owns the largest US cable operator, NBC and Universal Pictures, and the Reuters reported that Comcast CEO Brian Roberts is waiting to see whether Federal Jew Richard Leon will block the sale of Time Warner Inc. (TWX) to AT & T Inc. (T) before continuing with Fox [19659002] Last week, the UK's Competition and Market Authority issued its recommendation on Fox's takeover bid for Sky and given to Secretary of State for Digital, Culture, Media and Sports, conservative legislator Matt Hancock, 30 working days to make a final decision. a day after Judge Leon's decision on the AT & T / Time Warner contract on June 12th.

"My decision will be whether the merger operates or is expected to take into account public interest The concerns raised by the public interest in media pluralism and genuine commitment to broadcasting standards," Hancock told the House of Commons on May 1. If I have made a decision, I will return to Parliament to make an oral statement, and I will come to a final decision on whether to make a final decision at a later stage, and I will comment publicly on these issues, but not before I decide on public interests. "

The European Union has until June 15 to decide on the possible compensation of Comcast for Sky, at which time it is possible to conclude the deal without any conditions or for a more detailed four-month review of the offer request.


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