A day after it was revealed Comcast is seeking to offer an all-cash bid for 21st Century Fox, Disney CEO Bob Iger has offered up his own comments on the news.
While the latest development has some fans worried, Iger seems unbothered by the reports. When asked about the possible move by Comcast, Iger told CNBC that his company is “confident” in its own offer. “We made a good deal, actually a deal that shareholders reacted quite favorably to and we’re going to remain confident in our ability to close,” he said.
After losing out on 21st Century Fox to Disney, Comcast is said to be in talks with banks to present an all-cash bid to the studio in the coming weeks, in hopes of upending the deal between Fox and Disney. Comcast is also seeking to acquire $60 billion, on top of its financing for the European pay-TV group Sky.
Disney made a $52 billion bid for the majority 21st Century Fox — with the exception of Fox’s news and sports channels — last year, and the two officially announced a deal in December following months of speculation. However, as fans will note, the deal is still very much far from done. The potential merger is currently under an intensive review process courtesy of the Justice Department and FCC, and that’s expected to take quite a bit of time. In fact, earlier this year, 21st Century Fox President Peter Rice offered up his own thoughts on the looming deal, suggesting the earliest the merger could be approved is by summer 2019.
Should the deal with 21st Century Fox manage to fall apart, things could become tricky for the two entertainment giants. Disney is expected to lose $2.5 billion dollars if the deal falls apart. However, the Mouse House wouldn’t be the only one to suffer a financial loss if things go south. According to The Hollywood Reporter, should Fox have a change of heart during the process, it would owe Disney $1.525 billion. So, while Comcast may seem more than willing to pull out all the stops in hopes of securing 21st Century Fox, the deal between Fox and Disney may actually make it so the company’s latest offer is rejected from the get-go.
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