The Wall Street Journal: Comcast offers $65 billion for Fox assets, topping Disney’s bid

Comcast Corp. on Wednesday offered to buy a big chunk of 21st Century Fox’s entertainment and international assets for $65 billion, kicking off a potential bidding war with Walt Disney Co. as the two media titans vie for supremacy in a business dealing with tumultuous change.

Comcast’s CMCSA, -0.19%   all-cash bid offers a premium of about 19% to Disney’s all-stock $52.4 billion offer, Comcast said. Representatives from Fox FOX, +7.48%   and Disney DIS, +1.90%   were unavailable for immediate comment.

The offer follows a federal court ruling Tuesday that approved AT&T Inc.’s T, -6.20%   acquisition of Time Warner Inc. TWX, +1.80%  , a decision industry executives and Wall Street viewed as allaying antitrust concerns regarding a Comcast bid for Fox. Fox’s board last year rejected Comcast’s original bid, even though it exceeded Disney’s offer then, because directors believed it was more risky with regulators and would require the sale of valuable assets that would reduce the value of the deal to Fox.

The fight for Fox is part of a scramble by media, telecom and cable companies to get bigger as the superpowers of tech, from Netflix Inc. NFLX, +4.43%   to Facebook Inc. FB, +0.01%  , have disrupted the old ways of doing business.

An expanded version od this report appears on WSJ.com.

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