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Neither side changed offers as of the Friday deadline in London. That means that the bidding war will begin and end tomorrow in London. Should be a very interesting 24 hours.

I thought Disney said they were only selling $1bn in EBITDA assets, so that sounds like an overestimate.

Yeah, I do think that one way to defuse the bidding war is for Comcast to just go and bid for 51% of Sky at a premium to the current price and then walk away from the Fox assets. It sounds like that's what may play out if Comcast just re-bids for Sky if Disney doesn't up their bid over the next...

After hearing Disney is willing to sell the $19 billion RSNs, I don't see how Comcast wins Sky without raising the price on the rest. If you discount $19 billion, that gives Disney way more firepower to fight for Sky, so I don't see any other strategy for Comcast but to raise the price on the...

It really depends on what Comcast offers over the next week or two. If Comcast comes back with a bid over $80 billion and with guarantees on the DoJ side (i.e. guarantee that they'd do it even if they give up all the domestic assets etc.), then I think Murdochs will have to go to Disney for a...

It sounds like the Murdochs hold all of the cards right now. They get to decide whether to speed up the process (by rescheduling the shareholder vote), or hold out for a bidding war in hopes of higher offers from Comcast and Disney. I'd imagine though that they will want to see Comcast...

All of that is true technically, but Disney has been able to skew theatrical terms in a way that other studios can't (i.e. extended exclusivity windows for specific films, higher splits than 50%, etc.). Disney has and exerts real market power in the theatrical release market. That's pretty...

Bloomberg is saying Disney has won anti-trust approval. But Murdochs haven't rescheduled Fox's vote yet, so it sounds like they're hoping Comcast will drive the price higher still...; I'm guessing though that Fox will want Comcast to decide whether to bid or not within the next couple of days.

If Comcast bids $90 billion cash, then the whole board should be ousted. As an aside, I really don't see why Roberts is unwilling to bid stock. His family's stake is undilutable in voting power (B shares control 33.3% of Comcast's voting power no matter how many A shares there are; the A share...

The Murdochs cancelled their shareholder vote. I think they're going to let the bidding war play out, and whoever declines to match or raise, they'll submit the highest offer that they like to their shareholders. I know the CFO said they wouldn't use stock earlier. But that was when Disney...

The stock would only tank if investors think Comcast is going to win. Right now investors seem to think Comcast won't win regardless of what kind of bid they make. It's like AT&T stock, AT&T's stock was going up until the actual ruling by the judge; their bid for TW wasn't really accounted for...

Yeah it's an interesting dance going on here. I still think the Murdochs are inclined to take the highest price, that's why they pulled the July 10 meeting, and that's why Disney actually came in over the top. A lot of speculation was that Disney would offer less than Comcast but say that...

Yeah, if they aren't willing to add stock, then they're just raising the price for Disney. I don't see any way that they make a "serious" counterbid with just cash at this point. Disney has a 50/50 cash/stock bid that can easily be raised. Unless Comcast moves to a similar bid structure...

The biggest issue for Comcast that I can see is Disney finally came in with a cash/stock offer. Even if Comcast didn't want to before, I don't see how they can continue staying with an all-cash bid. $80 billion in cash plus $14 billion in assumed debt plus another $25-30 billion in cash/debt...

https://www.bloomberg.com/news/articles/2018-06-20/disney-is-said-to-near-u-s-approval-on-fox-in-blow-to-comcast?utm_content=business&utm_campaign=socialflow-organic&utm_medium=social&utm_source=twitter&cmpid=socialflow-twitter-business This is an interesting wrinkle here. Might make it a bit...

The international assets are the most important aspect of this deal; not the tv/movie studio.

I don't think Iger's walking away easily from this. That $72 billion bid feels like Disney's opening shot. But yeah at $80 billion, we're starting to talk about ridiculous sums of money.

Comcast should be countering any minute now.

At this point, that's not the case. Somebody is probably going to overpay for the assets and end up needing to dip into their current operations' projected cash flows to pay down the debts from the deal over a 5-10 year horizon. We're really way beyond a reasonable price.

Probably need to see where this all leads; if this is the final bid, then it's probably going to be cash flow changes at the margins (i.e. several hundred million shifted from investment funding to debt payments over the next decade). But if there's still another higher set of bids, then it...