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Rupert Murdoch's Twenty-First Century Fox rejects Comcast bid

Joint filing from Fox and Disney offers a glimpse into the thinking before the marriage between Disney and Fox came about
Picture of a Comcast building
Comcast is looking to push aside Fox's bid for the TV group Sky with a US$31bn offer

A bid from Comcast (NASDAQ:CMCSA) was rejected by Twenty-First Century Fox (NASDAQ:FOXA) over worries about regulatory risks and Comcast’s failure to pay a break up fee, before the company, which is controlled by Rupert Murdoch, signed a deal last December to sell the bulk of its assets to Disney (NYSE:DIS) for US$52.4bln, according to published reports.

A joint filing from Fox and Disney, which shows the immediate history of their negotiations, offers a glimpse into the thinking before the marriage between Disney and Fox came about. The filing comes as Fox attempts to challenge Comcast, the US cable operator, in its bid to take over Sky, the Europe-based pay-TV group in which Fox holds a 39% stake.

Comcast revealed last February that it is looking to push aside Fox’s competing bid for Sky by coming up with a US$31bn bid but it has yet to make its bid a formal one. Fox’s bid for Sky, meanwhile, is entangled in a regulatory review, according to reports.

Comcast shares inched up 0.83% at US$33.54 in afternoon trade while A shares of Twenty-First Century Fox were up 0.2% at US$37.39.

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