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Comcast bids $65 billion for 21st Century Fox

2018-06-14 13:27 by
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Comcast made a $65 billion bid Wednesday for Fox's entertainment businesses. This is a dramatic attempt to thwart Disney, which reached a $52.4 billion deal in December for the same film and TV assets.

"We have long admired what the Murdoch family has built at Twenty-First Century Fox," Comcast CEO Brian Roberts wrote in a public letter to the Murdoch family. "After our meetings last year, we came away convinced that the 21CF businesses to be sold are highly complementary to ours, and that our company would be the right strategic home for them."

Comcast's deal would include the FX cable network, a large number of lucrative regional sports networks, and a stake in British pay TV operator Sky, but would exclude Fox Sports, Fox News, and Fox Broadcasting, which would remain under the Fox ownership umbrella. The acquired Fox assets would then be fused to the NBC Universal properties Comcast acquired in 2011.

The battle for Twenty-First Century Fox comes as traditional entertainment companies try to amass more content to compete better with technology companies such as Amazon and Netflix for viewers' attention — and dollars.

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