Comcast Seeks $60B Loan for New Fox Bid

Comcast Seeks $60B Loan for New Fox Bid

United States media have revealed that Comcast has held talks with USA 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.

Reuters reported that Comcast was in the process of asking investment banks to put in place a bridge financing facility valued as much as $60 billion.

Comcast isreportedly preparing a new bid for 21 Century Fox. "The UK government has stated that it will give its ruling on the Fox/Sky deal by 13 June and it is at this point we think we could see Fox raising its bid for Sky", UBS said. However, Comcast was overlooked by 21st Century Fox because Disney alone agreed to throw in an additional $2.5 billion should federal regulators curb the acquisition from moving forward. A source close to the situation cautioned that no final decisions have been made about a full-tilt push at a 21st Century Fox counteroffer to the Disney deal.

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Fox shares rose 5.13 percent to $39.99 on the news in after-hours trading in NY on Monday. By U.K. law, Disney would have to make an offer for all of Sky if it were to acquire Fox's 39% interest.

This large bid could displace the Walt Disney Company's deal to purchase the Fox assets for $52.4 billion in stock. The EC has the power to clear Comcast's £22 billion bid with or without conditions or it can kick off a four-month investigation if it has concerns about the deal.

For those unaware, Comcast was another corporate entity that proposed to acquire 21st Century Fox past year.

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Disney has committed to share buybacks as a way of returning cash to Fox shareholders.

The buyout would include Fox channels including FX and Nat Geo, among others, but would not involve Fox News, Fox Business Network, Fox Sports 1 or 2, the Big Ten Network or the Fox broadcasting network and stations.

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