The war between Comcast and Walt Disney has officially begun. And Rupert Murdoch, owner of 21st Century Fox (subject of contention between the two giants), studies the situation. As widely expected, Comcast, the group that controls NBCUniversal, therefore TV channels such as CNBC, NBC News and MSNBC and, among other assets, owns the Universal film studio, has launched an all-cash offer of approximately $65 billion for assets that 21st Century Fox last December it had decided to sell to Disney in an operation worth 52,4 billion shares. According to Dealogic, this is the largest cash offer ever made, even including Fox's $13,5 billion debt. Last year, Murdoch's entertainment giant had rejected an offer entirely in securities of about 60 billion that came from Comcast, which is now trying again.
The challenge, wanting to identify the icons of the respective groups, is between Jurassic Park and Mickey Mouse or, in other words, more institutional, between Brian Roberts (CEO of the largest US cable service group, Comcast) and Robert Iger, boss of Disney who thanks to the agreement with Murdoch decided to extend his stay at the top of the company until the end of 2021 instead of leaving in July 2019. The grudge between the two giants is actually older: dates back to 2004, when Comcast tried to buy Disney. And it materialized again last April, when Comcast also challenged Disney and Fox in England with an offer of 22 billion pounds for Sky. Comcast's proposal offers 21st Century Fox shareholders $35 per share and 100 percent of the new Fox stock that will emerge from the spin-off of the assets Murdoch wants to divest. It represents a 19% premium over that of Disney.
