Comcast enters a bidding war with Disney for Fox assets with a whopping $65 billion offer

Comcast, the American media and telecommunications mammoth came through with its plans to make a sizeable offering for Fox’s film as well as TV assets. The offer from Comcast stands at a staggering $65 billion, which is considerably higher than Disney’s $52.4 billion. Most agree that this is likely to trigger a bidding war among the titans of media and communications.

This development comes in the wake of U.S court’s approval of a merger between AT&T and Time Warner. Additionally, observers believe that this could be starting point for a wider convergence of ISPs (Internet service providers) and media companies.

Comcast CEO Brian Roberts, in a letter wrote to Fox executives saying, “Comcast would be the right strategic home for Fox assets and we are disappointed when 21^st Century Fox decided to enter into a transaction with The Walt Disney Company, even though we had offered a meaningfully higher price.”

Roberts further said, “In light of yesterday’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.”

The assets being sold include Fox film studio, TV studio, cable networks and Fox’s stake in Hulu. Moreover, the winner of the bid would also bag the rights for a number of movie franchises that include Avatar, X-Men, Fantastic Four as well as the original Star Wars series.