Comcast Corporation (CMCSA) To Join Bidding For 21st Century Fox

The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza formerly known as the GE building in midtown Manhattan in New York

Comcast plans a $60 million cash bid to acquire most assets of 21st Century Fox, but only if AT&T's acquisition of Time Warner gains government approval, CNBC reported Monday night, citing unnamed sources. After months of negotiation, they settled on a $52 billion acquisition, where Disney would acquire most of Fox's assets.

"At the margin, the news may be seen as negative for investor sentiment on Sky as it may limit Comcast's ability to counter-bid should Fox raise its offer for Sky", UBS said.

He also pointed to the huge increase in Comcast's debt the acquisition of both Fox and British pay-TV group Sky for nearly $100 billion in total would generate. But Disney would get 20th Century Fox's movie studio as well as Fox's cable and global broadcasters such as National Geographic, Sky and FX.

If Comcast does go forward with its new offer, Disney and Comcast could potentially get into a bidding war for Fox's assets. In doing so, it topped an earlier offer for the entirety of Sky by Fox.

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Comcast, Fox and Disney all declined to comment to Reuters.

This funding could be up to an additional $60 billion USD on top of the $30 billion USD Comcast has already offered for a majority stake in European pay-TV group Sky Plc.

Disney shares fell 1 percent in morning trade in NY, while Comcast's dipped 3.5 percent to $31.25. The Fox deal includes access to markets in Europe and Asia that both Disney and Comcast covet, not to mention blockbuster franchises including X-Men, Avatar, Fantastic Four, Deadpool, and The Simpsons. Comcast shares were down 1.5 percent to $31.90, while Disney shares were down 0.5 percent to $102.00.

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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