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Comcast looking to buy 21st Century Fox

(Image credit: Image Credit: Flickr / Mike Mozart)

Comcast wants to buy large portions of 21st Century Fox, and it has prepared quite the sum to get it, too. The news was confirmed by Comcast itself.

In a press release (opens in new tab) issued on Wednesday, Comcast said it “confirms that it is considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney.”

It did not mention any figures, saying “at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced.

But Ars Technica says (opens in new tab) rumours speak of a $60 billion dollar offer. Walt Disney Company has reportedly lined up $52.4 billion all-stock deal.

The announcement also says 21st Century Fox isn’t selling the Fox News Channel, Fox Business Network and Fox Broadcasting Company – these three will remain, and will form a new company referred to as “New Fox”.

The media are also saying that Comcast has actually set its eyes on Hulu – a popular online streaming service. Fox has a 30 per cent stake in the company, so buying Fox would see Comcast become a majority holder.

The timing of the announcement is also interesting. Apparently, Comcast wanted to wait to see what the court would say on the possible AT&T / Time Warner merger before making any headlines. However, The Wall Street Journal says (opens in new tab) Comcast's execs worried Fox and Disney might rush a shareholder vote before the court's decision is made.

Image Credit: Flickr / Mike Mozart

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.