May 23, 2018

Comcast preparing all-cash bid for Fox to beat Disney

Photo: Andrew Harrer/Bloomberg via Getty Images

Comcast confirmed Wednesday morning its preparing an all-cash offer for 21st Century Fox's entertainment assets, properties Fox has already agreed to sell to Walt Disney Company. Comcast says their offer is higher.

Why it matters: Fox initially rejected a higher bid from Comcast, fearing regulatory hurdles with a vertical merger, according to SEC filings. But if AT&T's merger with Time Warner is allowed, Fox may have incentive to take Comcast's higher bid, leaving Disney in the dust.

Comcast says that while no final decision has been made, "at this point the work to finance the all-cash offer and make the key regulatory filings is well advanced."

It wouldn't be shocking if Fox ditched Mickey Mouse for the telecom giant, although CNBC reported Tuesday that Fox is closing in on a shareholder vote over Disney's $52 billion bid for Fox's media assets.

While Fox executives have made it clear that Disney is its preferred merger partner, the company will need money to pilot its new separate sports and news network, and Comcast's bid is reportedly higher than Disney's.

Between the lines: A reported rivalry between Comcast CEO Brian Roberts and Disney CEO Bob Iger could also be playing into bidding wars.

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Debate night: Candidates' last face-off before Super Tuesday

Sanders, Biden, Klobuchar and Steyer in South Carolina on Feb. 25. Photo: Jim Watson/AFP via Getty Images

Sen. Bernie Sanders wanted to keep his momentum after winning contests in New Hampshire and Nevada, while former Vice President Joe Biden hoped to keep his own campaign alive. The other five candidates were just trying to hang on.

What's happening: Seven contenders for the Democratic presidential nomination were in Charleston, South Carolina, for the tenth debate, just days before the South Carolina primary and a week before Super Tuesday. They spoke, sometimes over each other, about health care, Russian interference in the election, foreign policy the economy, gun control, marijuana, education, and race.

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4 takeaways from the South Carolina debate

Former Vice President Joe Biden, right, makes a point during Tuesday's Democratic presidential debate, while Vermont Sen. Bernie Sanders listens. Photo: Win McNamee/Getty Images

The 10th Democratic debate was billed as the most consequential of the primary thus far, but Tuesday night's high-stakes affair was at times awkward and unfocused as moderators struggled to rein in candidates desperate to make one last splash before Saturday's primary in South Carolina and Super Tuesday.

The big picture: After cementing himself as the Democratic favorite with a sweeping win in Nevada, Sen. Bernie Sanders came under fire as the front-runner for the first time on the debate stage. Former New York Mayor Michael Bloomberg, who will be on the ballot for the first time next Tuesday, was a progressive foil once again, but he appeared more prepared after taking a drubbing at the Nevada debate.

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Coronavirus spreads to Africa as U.S. soldier in South Korea tests positive

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

A 23-year-old American soldier stationed at Camp Carroll in South Korea has tested positive to the novel coronavirus, as the outbreak spreads to more countries.

The big picture: COVID-19 has killed more than 2,700 people and infected over 80,000 others, mostly in mainland China. Public health officials confirmed Tuesday the U.S. has 57 people with the novel coronavirus, mostly those repatriated from the Diamond Princess cruise ship.

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