The Walt Disney Co. and 21st Century Fox have set a July 10 date for special meetings of their respective shareholders to vote on their proposed $68 billion all-stock merger, but Fox acknowledged they may have to postpone the meeting if Comcast makes an expected competing bid.
In a statement, Fox said it is “aware” of Comcast’s May 23 announcement that it was considering an all-cash off for the Fox assets.
Fox continued that in the event of another bid it “may postpone or adjourn the special meeting” to give the board additional time for review.
Disney and Fox announced their deal in December, whereby Fox shareholders would receive 0.2745 shares of Disney stock for every share of Fox they own. In exchange, Disney would receive cable networks FX, FXX and National Geographic; TV and film production studio 20th Century Fox; Fox’s interests in online video service Hulu and British satellite TV company Sky; and regional sports networks.
The Disney deal does not include a cash component, although that may change if Comcast follows through with its all-cash offer.
Comcast is expected to make its bid after June 12, when a federal judge is scheduled to make his decision on the other big content merger on the table — AT&T’s $108.7 billion purchase of Time Warner. If that deal is approved — and most analysts believe it will be — Comcast is expected to make an aggressive bid for Fox.
