Judge: Gov't evidence "too thin" in AT&T case

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The DOJ argued AT&T would be incentivized to raise prices for Time Warner content and consumer subscriptions after the deal, but the two companies said the merger is more about right-sizing to compete with online technology, as opposed to muscling out legacy multichannel video programming distributors (aka telcos).

"Disney has the superior balance sheet, cost of debt, equity and rationale to emerge victorious over Comcast in a bidding war", Moffett said.

The Disney deal was proposed several months ago, but the Disney merger meeting was the time for it to be submitted for approval to stockholders.

"21st Century Fox remains subject to the Disney Merger Agreement", said Fox in a statement today. Other similarities in the bids include a divestiture package that would see the selling off of Fox's regional sports networks or any part of the business representing pre-tax earnings of up to $500 million.

Comcast was "disappointed when [21st Century Fox] chose to enter into a transaction with The Walt Disney Company, even though we had offered a meaningfully higher price", Roberts wrote.

Executives at both companies broach the idea that the merger was singled out for antitrust enforcement because of President Donald Trump's animosity toward Time Warner unit CNN. While the Department of Justice could still appeal, Comcast seems to believe the gateway is open and made a decision to go in with a heavy hand in regards to 21st Century Fox.

Seeing as a merger between 21st Century Fox and The Walt Disney Company would allow Marvel Studios unrestricted access to the characters mentioned above, the amalgamation has piqued the interest of MCU devotees hoping to observe a crossover between the mutant brethren and Marvel Studios' multi-billion dollar franchise. Comcast bid 16 per cent more than Disney for Fox's media properties, but that offer was deemed too risky.

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Comcast owns NBC Universal and rivals Disney as a media behemoth.

The DOJ filed suit against AT&T in November of past year, claiming that if the deal were allowed to go through, Time Warner's Turner television networks could be withheld from competing TV carriers or licensed at such a high cost as to give AT&T (who also owns DirecTV) an unfair advantage over its competitors.

After the decision, Mr Petrocelli said: "We were surprised when the case was brought and as I said in closing arguments, it's a case that never should have been brought".

Murdoch, 87, also wasn't swayed by Comcast's overtures because the cable company didn't offer a breakup fee.

But the smaller deals don't make up for DirecTV and T-Mobile.

You can read the full letter from Comcast to the Murdochs here. Comcast shares fell 3.3 percent, though. If Fox pulls out of the Disney deal, they will have to pay a multi-billion penalty.