Topic: Disney bought Fox: Fox Shareholders Agreed to $71B Disney Buyout!!

[BlackNMild2k1]

And, I'm just gonna drop this here for now

https://www.bloomberg.com/news/articles/2018-06-27/disney-is-set-to-win-antitrust-approval-today

[nickmitch]

So, Comcast is scrambling for ways to find more cash.  This includes teaming up with private equity firms.

However, the Disney deal is already anti-trust approved!  As BnM posted, they were set to win it today, but now it's officially official.

[BlackNMild2k1]

Comcast need to just give it up.

Long Story Short, Disney is approved as long as it sells off 22 RSN's.
Comcast is gonna have to come up with A LOT of CASH as a HUGE overpyament over the already overpaid overpayment beign done by Disney, just for Fox shareholders to consider starting from scratch only to MAYBE get an approval sometime next year, vs already having a nice amount of overvalued Cash and Stock from Disney now.

Comcast just needs to let it go. It's over.

I like how I saw someone put it earlier
"Before it was like Comcast was trying to take items out of Disney's shopping cart while it was running down the aisle. After the approval, now it's like they are trying to swipe the items off the scanner before Disney can finish paying for it." [/paraphrased]

edit: found the actual quote

Prior to it passing regulatory approval, what Comcast was doing was essentially trying to take Fox out of Disney’s cart in the checkout line.

Post approval it is much closer to essentially trying to take Fox out of Disney’s bags as they are at the register handing their money over.

I had the basic idea down though.

[segagamersteph]

This one time I will concede to BnM. I mean my whole issue with Disney getting it was the sports and our government stepped up and did exactly what I said they would, took care of business. So a compromise?

[BlackNMild2k1]

Fox might be shutting the door on this one....
https://www.secinfo.com/d14D5a.j64rj.htm#1stPage
They filed a merger form with the Securities and Exchange Commission.


In related news: Comcast is bringing in help for the Sky bid, so that might signal they are about to refocus their efforts elsewhere. https://www.publicaffairsnews.com/articles/news/comcast-calls-hanbury-help-%C2%A322bn-sky-takeover-bid
Unfortunately, raising the bid on Fox i guess somehow raises the value of a bid for Sky, so while Comcast plans a new bid for that instead, Sky is re-evaluating it's price. and Disney can still up their bid for the remaining 61% of Sky as well.
http://www.thetakeoverpanel.org.uk/wp-content/uploads/2017/12/2018-7.pdf

This basically means that if Comcast true goal was to get Sky (and the Fox international assets), raising the price of Fox for Disney to $71B, has caused Sky to re-evaluate it's own value in this deal the reason for bidding was to take over Sky as part of Fox's original bid for the company. So if Comcast raises it's bid for Fox yet again, and Disney counters yet again, it's only going to continue to raise the price of Sky even further. So if Comcast truly wants Sky in the end, it's best to stop bidding for Fox and use it's "cash" to but Sky direct before Sky ends up costing the same as Fox did originally.


Analyst are also predicting that New Fox may be the purchaser of the 22 Fox RSN's that Disney will be required to sell. That was one of my thoughts as soon as the compromise was made, as New Fox is keeping Fox Sports and FS1. They may as well hold on to the RSN's for a while (Disney/ESPN will be back for them later )


and in a separate nonsensical thought..... $22b Bid for Sky.... 22 RSN's Disney needs to sell. RSN's are valued at 1/3 of Fox bid value ($71B/3=$23.6B)... maybe Sky takes the 22RSN's a $1B each in a straight trade allowing the Disney Fox merger to close, Sky then accepts the Fox bid for Sky, and BAM everyone is happy, except Comcast, who somehow just got shafted in a deal that makes no sense? Disney gets to buy Fox and Sky and somehow keep the RSN's. LOL

[BlackNMild2k1]

Small updates:

Fox, not Disney, raised it's bid for Sky in the UK.
Comcast was quick to counter.

and today the DOJ filed it's appeal on the AT&T/Time Warner Merger.
Another HUGE blow to Comcast hopes to successfully interfere w/ the Fox/Disney buyout

Comcast is likely to focus all it's attention on Sky now, or find a partner to bid on Domestic/Foreign Fox assets to split.

Although Comcast could still try to ruin Disney's day by dropping one last pointless bid on Fox just to hopefully get Disney to respond with yet another offer, but that could backfire if the UK Takeover Committee decides that raises the value of Sky and therefore forces Disney/Fox and Comcast to raise their bids accordingly.

[oohhboy]

I'm so glad others picked up the argument and stepped through so many wide open holes in the rebuttal. I wouldn't even know where to begin, and don't have to time to do a point by point, but luckily it is no longer needed.

This is cool.
https://www.bbc.com/news/world-asia-india-44796436

[BlackNMild2k1]

I'm glad someone is making the right moves.

With the newly nominated SCJ, his views on the matter are that the ISP's should have the right to filter the content coming over their cables.

Oh, and to touch on another point from my previous post. The DOJ filed it's appeal in part by the fact that now that AT&T got approval for the merger, their first move was to immediately RAISE THEIR PRICES.
AT&T will still get the Time Warner deal, but chances are they may have to offload more than the had originally expected. Compromises and concessions are expected to be made.


I wouldn't be surprised if some timed stipulations are put in place like were for the Comcast/NBCU buyout some years back.

[BranDonk Kong]

AT&T has basically already rolled out their vision for ruining HBO.

[BlackNMild2k1]

Comcast formally BOWS OUT of bidding for 21 Century Fox!!!
https://variety.com/2018/biz/news/comcast-fox-sky-disney-bidding-war-drops-out-1202878103/

and thank gawd, because I didn't want my original title to this thread to be wrong. LOL

[nickmitch]

'Bout time!

[BlackNMild2k1]

Final Shareholder vote is next Friday.

then the focus is to see what Disney does towards Sky.
Disney will own 39% with the acquisition to 21Fox assets, and Comcast is supposedly going hard for Sky's other 61%.

on the other hand, if Comcast get's that 61% of Sky, Disney will own 60% of Hulu.
could we see some cooperation between the two? have they already worked something out, and that's why Comcast let go of Fox?

Comcast still holds the rights to the following thing that Disney needs to make some of their parts whole:
- Hulk distribution rights
- Namor "The Submariner" rights in some form or fashion
- Marvel Character Amusement Park rights East of the Mississippi
- Themepark rights to The Simpsons


Disney has some things Comcast may needs as well:
- Distribution to some Dreamworks titles that came out during their distribution deal.

What I'm getting at, is if Disney and Comcast decide not to co-exist on the Hulu and Sky boards, and instead asset swap to get off each other's plate, could Disney give up 39% of Sky to Comcast in trade for Comcast 30% of Hulu, plus all their rights tied to Disney studios?

Remember that Disney would be giving all of Sky to Comcast, while Comcast would only be leaving Disney with 90% of Hulu, therefore other considerations would be needed to even the deal out.

edit:
Oh, and

[Adrock]

According to CNN, Bob Iger described Sky as the “crown jewel” of Fox’s assets. Disney wants a direct-to-consumer platform in Europe. I’d link the article, but I read it on my work computer, and I’m posting on my phone. I can’t handle all of these electronics.

I’m not as invested in the acquisition as I’ve only been checking in for the status of X-Men/Fantastic Four. This seemed relevant though. It doesn’t appear as if Disney has any interest in helping Comcast get a hold of Sky. You’ve been following this more than I have so I look forward to you sleuthing for information while I reap the benefits later.

[BlackNMild2k1]

What I forgot to mention in my last post, was that it was speculated that Disney and Comcast had met secretly at the conference a week or so ago, and likely came to a deal about Fox and Sky.
It was part of the reason why everyone was speculating Comcast to not bid again, because Disney was bowing out on the Sky takeover.
Disney supposedly told Fox not to bid on Sky again.
We'll see how true that is after next week though.

[BlackNMild2k1]

[nickmitch]

The glorious pinnacle of capitalism.

[broodwars]

And to think people mocked my calling Disney an entertainment monopoly. 

[BlackNMild2k1]

Monopoly...?

no, But the Walmart Super Store of Entertainment?
that I can agree with.

[nickmitch]

Yeah, monopoly is still a pretty strong word, even for Disney.

But they are a mega conglomerate.

[BlackNMild2k1]

Not just a strong word, but by definition, it doesn't even fit.

Disney is the Amazon of entertainment.
Everything covered from A to Z
If they don't have something that appeals to you or your family, then you are either dead inside, or extremely particular.
But by no means are they the only place you can go to be entertained or to find a particular type of entertainment.

[BranDonk Kong]

Unless that particular type of entertainment is "good comic book movies."

[BlackNMild2k1]

Touche my friend, touche



LOL

[BlackNMild2k1]

It's official. Fox shareholders agreed to the $71B Disney buyout.

X-Men and Fanastic 4 are coming home.
And they bringing Aliens, Predators, and all sorts of other sour with them too!!!

[nickmitch]

Well, so much for any hopes of seeing this live action cross-over:

[BlackNMild2k1]

Don't worry, DC is on the Disney wish list. LOL