Investors Bet That Fox and Disney Will Toss Financial Sense Aside
ByDeals rarely look as good on paper as they do in a chief executive’s head. Comcast’s $31 billion offer for the British satellite broadcaster Sky just about passes financial muster. Investors expecting a higher bid from Rupert Murdoch’s 21st Century Fox, with backing from the Walt Disney Company’s boss, Robert A. Iger, are betting on the triumph of sentiment over spreadsheet.
Comcast, the cable giant run by Brian L. Roberts, firmed up its offer of 12.50 pounds per Sky share on Wednesday, beating Mr. Murdoch’s December 2016 bid by 16 percent. The move endangers the mogul’s plan to sell Fox — including Sky — to Disney for $52.4 billion in stock. It also dashes any hopes that Mr. Iger and Mr. Murdoch could persuade Mr. Roberts to back away by offering him an alternative asset, like the streaming service Hulu. Assuming British regulators clear both bids, it’s a straightforward battle on price…
Investors Bet That Fox and Disney Will Toss Financial Sense Aside
