As Comcast Goes After 21st Century Fox, Murdoch Tipped To Be Evaluating Seven Network
Rupert Murdoch who insiders have said is taking a sniff around the Seven Network in Australia after losing out on the Ten Network, is facing the real possibility that his 21st Century Fox network could pocket billions, after US operator Comcast moved to nobble a recent Disney offer by putting in a bigger offer.
US media have revealed that Comcast has held talks with US banks to secure up to US$60bn in financing to gate crash Walt Disney’s US$52bn acquisition of 21st Century Fox’s entertainment business and global assets.
Brian Roberts, the chief executive of Comcast, is believed to be in a position to make an all-cash offer for Fox’s assets in the event that a US judge approves AT&T’s agreed $108bn takeover of Time Warner which the US Department of Justice is trying to block.
Comcast wants to spoil Rupert Murdoch’s attempt to buy 61 per cent of Sky, which would give control of the entire Sky operation.
Comcast is offering $5.4 Billion more than Mr Murdoch’s bid.
Disney agreed to buy Fox’s assets, including the existing 39 per cent stake it has in Sky, last December after Mr Murdoch turned down a higher bid from Comcast on the grounds that it had a lower chance of winning US regulatory approval.
Comcast will also assume Fox’s $13.7bn of net debt.
Cashed up US media Companies are looking to shore up their operations up against Google, Amazon and Apple who are looking to move into the content business.
Locally News Corp executives are believed to be running a ruler over the combined Seven Media and Pacific operations according to sources.
The Seven network recently cut a deal with Fox Sports which is owned by News Corporation to deliver the next five years of cricket coverage in Australia.