Fox chose Disney over Comcast on regulatory, stock fears: filing

21st Century Fox Rejected Comcast Offer Over Lack Of Breakup Fee

After losing its battle, Comcast announced that it was considering making another offer to buy Sky, valuing it at $31 billion and exceeding the offer Fox agreed to.

European pay TV giant Sky, in which 21st Century Fox owns a 39 percent stake, on Thursday reported its fiscal third-quarter subscriber figures and financials for the first nine months of its fiscal year, which ends in June. Fox was concerned such a deal might not pass muster in Washington, and even if it did, it would require divestiture of valuable assets that would reduce the value of the deal to Fox. Fox chose Disney due to antitrust concerns-company executives wondered how the Justice Department could green light the merger of a telecom and media company at a time when it's trying to stop AT&T from buying Time Warner Inc.

The new meeting ground for video programming distributors! "We're well placed for the future". For Fox, laying out the timeline and rationale for the Disney deal is a way of informing its investors why it chose a lower bid. Disney, perhaps showing more confidence in its chances with regulators, had offered a US$2.5 billion fee.

In the filing, Disney and Fox said the ongoing antitrust scrutiny of US telecommunications provider AT&T Inc's (T.N) planned merger with media conglomerate Time Warner Inc (TWX.N) heightened concerns about potential regulatory hurdles to Comcast's bid. The subject of a break penalty was raised multiple times in discussions between the two sides, according to the filing. When reports of those talks surfaced in November, Comcast CEO Brian Roberts contacted Murdoch and pitched his own merger proposal.

The companies added that, unlike Disney, Comcast declined to offer a reverse deal termination fee, which would compensate Fox in the event that regulators stymied a deal. Comcast subsequently outbid Fox in the latter's attempt to purchase the remaining portion of United Kingdom satellite operator Sky that Fox didn't already own.

Cemented by a sort of gentlemen's agreement between the two companies' top executives against the buzzy backdrop of The Last Jedi's London premiere, it reads partly as a dry, bean-counting affair - but also as a fascinating look at how a $54 billion deal to transform the content delivery landscape took shape.

Related News:

  • Amazon looks over the horizon, cuts a deal with Best Buy

    Amazon looks over the horizon, cuts a deal with Best Buy

    The retailers announced today (April 18) that they're joining forces to sell televisions across the USA and Canada. The highlight feature of the Smart TVs is, of course, the Alexa integration.
    NASA spacecraft Tess aims to put mystery planets on galactic map

    NASA spacecraft Tess aims to put mystery planets on galactic map

    Dr George Ricker of MIT's Kavli Institute for Astrophysics and Space Research serves as principal investigator for the mission. On April 16, NASA is planning to launch its Transiting Exoplanet Survey Satellite , or TESS, on a SpaceX Falcon 9 rocket.
    RNC official who agreed to pay Playboy model $1.6 million resigns

    RNC official who agreed to pay Playboy model $1.6 million resigns

    Both agreements use the pseudonyms "David Dennison" and "Peggy Peterson" to hide the identity of the signatories. Broidy said he retained Cohen because Cohen had a prior relationship with Davidson.
  • Over 95 Percent Of The World Is Breathing Unsafe Air

    Over 95 Percent Of The World Is Breathing Unsafe Air

    The report showed ozone levels increased in most USA cities, due largely to warmer temperatures in 2016. California is also home to seven of the 10 US cities with the worst Short-Term Particle Pollution .
    Minnesota Wild vs. Winnipeg Jets - 4/17/18 NHL Pick, Odds, and Prediction

    Minnesota Wild vs. Winnipeg Jets - 4/17/18 NHL Pick, Odds, and Prediction

    Did anyone really think the Jets were going to sweep this series? The team is planning to fly again to Minneapolis-St. Foligno said he had no ill intent on the play and denied suggestions he punched Myers' knee during the collision.
    Mattis: US Wants Proof Before Striking Syria for Chemical Attack

    Mattis: US Wants Proof Before Striking Syria for Chemical Attack

    But he said the United States did not tip off Russian Federation about the attacks or the targets. Germany refused to take part in the US -led war in Iraq, and in 2011 abstained from a U.N.
  • Castlevania: Grimoire of Souls Announced

    Castlevania: Grimoire of Souls Announced

    Other characters from the Castlevania series are also playable, including Alucard, Simon Belmont, Charlotte, Shanoa, and Marie. Although he is young he has a high ability as a research magician and supports the fight of Ark's people through magic books.
    Kansans march to raise awareness during National Child Abuse Prevention Month

    Kansans march to raise awareness during National Child Abuse Prevention Month

    The flag is also a reminder that one person - even just one - can make a difference in the course of a child's life, Harvey said. The organization is encouraging residents in the area to speak up if they believe a child is being abused.
    Yankees demolished by rival Red Sox

    Yankees demolished by rival Red Sox

    Tanaka is 7-4 with a 3.65 ERA in 14 career starts against the Red Sox, 3-2 with a 3.35 ERA in seven Fenway Park outings. CARDINALS 5, BREWERS 3 (11 ) Matt Carpenter's two-run home run with no outs in the 11th inning gave host St.
  • Nikki Bella Is The One Who Called Off Wedding With John Cena

    Nikki Bella Is The One Who Called Off Wedding With John Cena

    According to TMZ , the couple didn't have a ton of time together, even after their Wrestlemania Engagement just previous year . John Cena and Nikki Bella reportedly didn't see eye to eye on one major issue. "I feel like I'd be missing out".
    SC  prison riot leaves seven inmates dead

    SC prison riot leaves seven inmates dead

    It took until 3 a.m. for authorities to restore order to the facility as the fights raged out of control for hours. The seven inmates were killed, and at least 17 prisoners wounded, in a riot at the Lee Correctional Institution.
    Kroger (NYSE:KR) Shares Sold by Metropolitan Life Insurance Co. NY

    Kroger (NYSE:KR) Shares Sold by Metropolitan Life Insurance Co. NY

    Following the transaction, the chief operating officer now owns 290,353 shares of the company's stock, valued at $8,031,163.98. Following the transaction, the insider now directly owns 251,784 shares of the company's stock, valued at $7,714,661.76.


Most liked

Island-wide blackout hits Puerto Rico; officials probe cause
Officials said restoring power to hospitals, airports, banking centers and water pumping systems was their priority. Is Puerto Rico ready for hurricane season? "Well, right now we're still as motivated as ever", Major Carrasco said.

New Cuban president sworn in to replace Raul Castro
Also on Thursday, Chinese Premier Li Keqiang sent a congratulatory message to Diaz-Canel. Relations have been strained again under President Donald Trump.

Australian surfing event cancelled due to shark attacks
The victim told reporters in Gracetown that he had not heard about the first shark attack and was unaware about the beach closure. The Margaret River Pro has been cancelled in the wake of two shark attacks in the State's south west.

Elon Musk Announces Around-The-Clock Production Of Tesla Model 3
After a similar shutdown in February, Model 3, about which Tesla released almost the same statement, production did increase. That's thanks in large part to the company's investment in the Model 3, which isn't likely to earn a profit anytime soon.

Epic is considering more than 100 players for Fortnite
Earlier today it was officially revealed that the light machine gun is making its way into the Battle Royale game mode. Following its most recent update , Fortnite's next set of challenges have gone live on PS4, Xbox One, PC, and mobile.

Royals postponed in Toronto because of hole in roof
Various photos on Twitter have shown the hole and tarps in the outfield as water was leaking through the opening. Fans with tickets to Tuesday's game will be able to attend both games of the double-header, the team said.

Lawyer sets himself on fire to protest climate change
Buckel acted as lead counsel on behalf of the family of Brandon Teena , a transgender Nebraska man raped and murdered in 1993. The case was made famous in the 1999 movie " Boys Don't Cry ", for which Hillary Swank won an Oscar for portraying Teena.

What to expect from severe weather Sunday in SC
Widespread wind gust between 30 and 40 miles per hour are occurring, even outside of thunderstorms this afternoon. A very dynamic cold front is pushing east toward the Palmetto State, running into some very warm, humid air.

CBI makes 2nd arrest in Unnao rape case
Moving ahead in a probe, CBI detains the woman who lured the victim to the accused in the name of job. Earlier on Friday, BJP leader Meenakshi Lekhi came out in defence of the two ministers.

BJP ministers, who supported Kathua rape case accused, resign
He said the two BJP leaders had visited the Hindu Ekta Manch rally to clam down the people and clear misgiving about the investigations.

ADHS advises residents to not eat and throw away chopped Romaine lettuce
The CDC has said these complications are is more common older adults, young children and those with weakened immune systems. Three people were hospitalized, and two have developed kidney failure linked to the E. coli infection .

Names of four deadly 2017 hurricanes retired
The World Meteorological Organization on Thursday decided the three would no longer be used as Atlantic tropical storm names. Hurricane Maria made landfall in Puerto Rico in late September as a Category 4 storm packing winds of 155 miles per hour .

Trump wins pledges of 1600 troops for border
The only border state that hasn't yet responded to the Trump administration's request is California , whose Democratic Gov. The said the initial deployment was command and planning staff, along with support aircraft, vehicles and other equipment.

Royal countdown begins: Kate and William won't know baby's gender until birth
Believed to be due mid April, it's only a matter of time before Kate Middleton and Prince William welcome royal baby number three. There is free TV, radio, an in-room fridge and wifi, just like any other hotel, and a choice of daily newspaper each morning.

Hungary's Orban to seek European Union of strong nations after landslide re-election
State media in Hungary is widely supportive of Oban and opposition voices were sidelined in the runup to Sunday's election. He has also railed against what he refers to as meddlesome global institutions, such as the United Nations and NGOs.