In a looming battle between media mega-companies, Comcast Corp. is “ready to go to war with Walt Disney Co.,” Bloomberg reports.
“The cable giant confirmed on Wednesday that it may make an offer for a wide swath of 21st Century Fox Inc.’s entertainment assets, a business that Disney has already agreed to buy for roughly $52 billion,” the Bloomberg story reports. “The move threatens to escalate a bidding contest that’s already underway over Fox’s European satellite business — and further complicate a global game of M&A chess that’s being waged by the biggest media companies.”
The report notes that Comcast said in a statement that it “is considering, and is in advanced stages of preparing, an offer for the business that Fox has agreed to sell Disney. Any offer for Fox would be all-cash and at a premium to the value of the current all-share offer from Disney.”
Bloomberg adds: “While no final decision has been made, Comcast said its work to finance the offer — and preparation to file key regulatory statements — is ‘well advanced.’ A person familiar with the discussions said earlier this month that Comcast was mulling such a step. Comcast was talking to investment banks about obtaining bridge financing for the all-cash deal, the person said at the time.”