46.73 +0.02 (0.04%)
After hours: 5:22PM EDT
|Bid||46.85 x 1100|
|Ask||47.00 x 3200|
|Day's Range||46.28 - 47.51|
|52 Week Range||24.81 - 50.15|
|PE Ratio (TTM)||21.60|
|Earnings Date||Aug 7, 2018 - Aug 13, 2018|
|Forward Dividend & Yield||0.36 (0.73%)|
|1y Target Est||46.26|
Disney fended off Comcast's $66 billion all-cash challenge to its deal for the Fox assets last month by sweetening its offer to $71 billion in cash-and-stock. Time is running out for Comcast to come back with a new offer, with Fox shareholders scheduled to vote on the Disney deal on July 27.
Last month, the Walt Disney Company (DIS) received federal approval from US regulators to buy a majority of the media and entertainment assets of Twenty-First Century Fox (FOXA) for $71.3 billion. Disney’s deal with Fox has raised concerns for Comcast (CMCSA), which wants Fox assets in order to fight streaming giants Netflix (NFLX) and Amazon (AMZN).
Comcast was in a bidding war with Disney over movie and television assets owned by Twenty-First Century Fox. Disney recently raised its offer for the Fox assets to $71 billion in cash and stock. Sources tell CNBC's David Faber that Comcast is focused on its bidding for Sky, which is 39 percent owned by Fox.
The stock of London-based Sky hit an 18-year high on Thursday after Twenty-First Century Fox (FOXA) and Comcast (CMCSA) both upped their bids to buy a 61% stake in Sky. The stock rose to 15.41 pounds that day and closed ~2.7% higher at 15.34 pounds after Comcast valued the company at ~26 billion pounds (or $35 billion). Sky stock has gone up 95% since Fox made its first bid of $15.5 billion in December 2016.
Twenty-First Century Fox (FOXA) and US broadcaster Comcast (CMCSA) are in a bidding war for London-based broadcaster and Internet service provider Sky, in which Fox already owns a 39% stake. Fox started with a bid of $15.5 billion in December 2016 for the remaining 61% stake, which was overtaken by Comcast’s higher bid of $31 billion. Fox made a higher offer of $33 billion but was outbid again by Comcast’s sweeter offer of $34 billion.
The chance of the DOJ winning its appeal may be slim, unless the government can prove one very important point: that U.S. District Court Judge Richard Leon was wrong in his application of the law to AT&T's acquisition of Time Warner.
Comcast had used the earlier ruling to rebut concerns from Fox that its bid would face regulatory risk. AT&T’s deal for Time Warner married a company primarily focused on distributing content with one that produced it, just like Comcast’s bid for Fox. Comcast made its $65 billion offer for Fox a day after the ruling last month.
Rupert Murdoch–owned Twenty-First Century Fox (FOXA), which owns a 39% stake in Sky, finally gotten a green light from the UK (EWU) government on July 12 to buy the remaining 61% stake in the London-based pay-TV company. The Fox deal has been held up for quite some time over regulatory concerns that the tie-up would give Fox too much control over Britain’s media. The UK government thus asked Fox to sell Sky’s 24-hour news channel Sky News to a third party such as the Walt Disney Company (DIS) if it wants to buy 61% of Sky.
Comcast’s (CMCSA) offer of 26 billion pounds (or $34 billion) for a 61% stake in Sky, a London-based pay TV company, has topped Twenty-First Century Fox’s (FOXA) bid of 25 billion pounds (or $33 billion). Comcast’s new offer was ~10% higher than its previous offer of $31 billion and ~3% higher than Fox’s latest bid of $33 billion. Fox initially offered $15.5 billion in December 2016.
NBCUniversal Inc.’s owner, Comcast Corp., raised its offer to buy all of Sky to £25.9 billion on July 11. Co. to acquire most of Fox’s entertainment assets. In the fiscal year ended June 30 of last year, Sky had revenue of £12.92 billion and a pretax profit of £803 million.
Executives from India met in Washington at the Annual Leadership Summit of the U.S.-India Strategic and Partnership Forum. Many expressed their concern about an ongoing trade dispute.
Let's recap: Comcast launched a bidding war for Fox, emboldened to counter Disney's offer by a court ruling, to which Disney has responded, while both Fox and Comcast are also trying to outbid each other for Sky (SKYAY), as the former already owns 39% of the British satellite TV company. Juenger writes that many believe Comcast will give up on Fox and focus on Sky, but he warns that may not be the case: After all, why would Comcast launch a hostile bid for Fox and walk away after a single counteroffer from Disney?
On July 11, media and cable giant Comcast (CMCSA) submitted a proposal of $34 billion (25.74 billion pounds) for London-based Sky. The offer came just 16 hours after rival bidder Twenty-First Century Fox (FOXA) rolled out its bid of $32.5 billion (24.5 billion pounds) for Sky, the European broadcaster and Internet service provider in which it already has a 39% stake.
An action like the DOJ's "can obviously influence" the outcome of the bidding war between Comcast and Disney for Twenty-First Century Fox, AT&T CEO Randall Stephenson said. Stephenson would not say whether he thought the move by the DOJ was politically motivated. The Department of Justice's challenge to AT&T T and Time Warner's merger could affect the bidding war between Disney DIS and Comcast CMCSA for Twenty-First Century Fox, AT&T CEO Randall Stephenson told CNBC.
Britain's takeover regulator has decided that Disney (NYSE:DIS - News) must offer 14 pounds a share for Sky (:SKYB.L) if it succeeds in buying Rupert Murdoch's Twenty-First Century Fox (NasdaqGS:FOXA - News), in a key ruling in the takeover battle for the broadcaster. The price set by the Takeover Panel on Friday is the same as Fox's current offer for the 61 percent of Sky that it does not already own, which values the London-listed pay television business as a whole at 24.5 billion pounds ($32.2 billion). Sky, Fox, Disney and Comcast are locked in a series of interlinked takeover battles, with Fox and Comcast vying for control of Sky and Comcast and Disney battling to buy the bulk of Fox's TV and film assets, including its 39 percent Sky stake.
LONDON, UK / ACCESSWIRE / July 13, 2018 / If you want access to our free research report on Twenty-First Century Fox, Inc. (FOX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FOX as the Company's latest news hit the wire. On July 11, 2018, the Company announced that it has increased its recommended pre-conditional cash offer to acquire British television broadcaster, Sky PLC, at a price of £14.00 for each Sky share. The price of £14.00 per Sky share represents a premium of 30.2% to the original Twenty-First Century Fox offer price of £10.75 per Sky share.
The battle between Walt Disney (DIS) and Comcast (CMSA) over 21st Century Fox (FOXA) assets has shifted to a new front: the British satellite TV operator Sky (SKYB.UK). On Wednesday, Comcast raised its offer for Sky to 14.75 pounds per share, valuing the company at £26 billion, or $34 billion. Fox’s offer valued Sky at $32.5 billion, which was 18% above Comcast’s previous bid.
FOX News’ (FNC) Chris Wallace will conduct an exclusive interview with Russian President Vladimir Putin following the summit with President Donald Trump in Helsinki, Finland next week. The interview will be presented in its entirety on FOX News Channel on Monday, July 16 and will focus on the summit, Syria, Russian interference in the 2016 U.S. election, arms control and where Putin sees Russia’s place in the world. This will mark Putin’s first interview with Wallace since September 2005 and his first interview with U.S. media since March 2018.