Comcast formally notifies European Commission of intention to bid for Sky

Fox hunt heats up as Comcast prepares to duel with Disney over Rupert Murdoch's company

Reuters, citing three unnamed sources familiar with the matter, reported that Comcast would only continue with the deal if the judge in AT&T's ongoing antitrust trial sides with the telco and allows its proposed $85 billion acquisition of Time Warner to proceed.

It looks as though Comcast is preparing a bid to buy Fox assets ahead of Disney's upcoming deal. Either way, the Fox shareholders would still have to approve any deal.

21st Century Fox, which owns... That decision is expected in June from U.S. Disctric Court Judge Richard Leon.

However, that deal may soon be off the table, as Comcast has started a bidding war not only for the acquisition of the Britain based satellite group Sky, but reportedly began discussions to find a way to beat Disney to the punch in acquiring Fox.

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Disney's $52 billion all-stock buy out of Fox's film, television, and worldwide businesses was announced in December 2017 - one month after Comcast made a higher all-stock offer to buy the same assets.

If Comcast struck a deal with Fox, the telecomm giant would hit a media jackpot, acquiring Fox's film, television and global businesses, giving the company a hefty portfolio to rival rising platforms like Netflix. That opened the door to Comcast's counteroffer. Indeed, now Comcast is offering 22 billion pounds (about $30 billion) to acquire 61 percent ownership of Sky.

Fox shares rose 5.13 percent to $39.99 on the news in after-hours trading in NY on Monday. Comcast itself owns 30% of Hulu, but Disney would have majority ownership through its $52.4 billion stock offer - assuming the deal goes through. Murdoch was concerned about the reaction of Washington regulators to a deal with Comcast.

Comcast Corporation shares were unchanged in premarket trading Tuesday. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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