After AT&T: Comcast Offers $65 Billion for Fox Assets

Massive AT&T-Time Warner merger is complete	 	 	 			The AT&T-Time Warner deal is cleared to close

The ruling could also prompt a cascade of pay TV companies buying television and movie makers, with Comcast Corp's bid for some Twenty-First Century Fox Inc assets potentially the first out of the gate.

The Disney/21st Century Fox deal is far from complete, despite both parties holding a shareholder vote in the coming weeks to decide on the possible acquisition.

The move by Comcast, which is the largest U.S. cable provider and also owns the NBCUniversal media group, opens up a new round of competition for the prized assets being shed by the Murdoch family empire.

In a deal that more closely resembles the one that Judge Leon approved, Walt Disney dis wants to buy most of 21st Century Fox foxa for $52 billion.

AT&T and Time Warner together are some of the largest buyers of advertising around the globe, spending billions of dollars to market their products.

Fox will spin off the Fox Broadcasting network and local stations, Fox News, Fox Business Network, FS1, FS2 and Big Ten Network into a new company, called New Fox.

Fox's board had rejected a bid from Comcast a year ago in part due to concerns over regulatory approval. Now that the ruling has been made, we may soon see the fallout: sources say Comcast is preparing to make a move on Fox.

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Roberts said he had been "disappointed" that Fox had entered into negotiations with Disney but was "highly confident" that his new offer would be approved by regulators.

Culture Secretary Matt Hancock said Fox's proposal to divest Sky News to Disney - or any other suitable buyer - is likely to be the most effective way to tackle any public interest concerns. Indeed, the proposal unveiled on Wednesday include a US$2.5 billion termination fee. The company said the structure of its bid is "at least as favorable to [21st Century Fox] shareholders as the Disney offer".

Comcast, the USA media conglomerate, has submitted another offer to buy parts of 21st Century Fox, after getting rebuffed previous year in favour of Disney.

The Justice Department had sued to block the merger, in light of the latter potential consequences. Comcast is now expected to make an aggressive bid for parts of Fox, which already has a deal to sell some of its entertainment assets to Disney. Both are also interested in expanding internationally at a time when the USA television business is slowing.

Comcast also is making an ambitious push in Europe that centers on United Kingdom pay TV provider Sky.

You can read the full letter from Comcast to the Murdochs here. Comcast and Disney are the country's two largest media companies by revenue. Its shares were down 19 per cent through Tuesday. Roberts, the CEO, owns all of the Class B super-voting shares, giving him 33 per cent of the voting rights.

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