Comcast presents $65B all cash bid for 21st Century Fox

Comcast today sent a letter to Twenty-First Century Fox’s board of directors, presenting a $65 billion all cash bid for the company. That is $35-per-share, and a 19% premium on the Walt Disney Company’s current bid on the company.

In the letter to shareholders, Comcast said it was “disappointed” by the company’s decision to enter into a transaction with Disney. It went on to discuss (June 21, 2018)’s decision to approve the AT&T/Time Warner merger; “[i]n light of (June 21, 2018)’s decision in the AT&T/Time Warner case, the limited time prior to your shareholders’ meeting, and our strong continued interest, we are pleased to present a new, all-cash proposal that fully addresses the Board’s stated concerns with our prior proposal.”

This story is still developing and will be updated as more details come to light.