Sky / Twenty-First Century Fox

Sky / Twenty-First Century Fox: Effects of the DoJ’s Appeal Against AT&T and Comcast’s Intentions



Publication Date: July 13, 2018


Research Report Overview

The Department of Justice’s surprising appeal against Judge Richard Leon’s 12-Jun-18 ruling to approve Time Warner / AT&T will have some profound impacts on the Sky and Fox takeovers. The appeal is unwarranted and is unlikely to be successful, but it will nevertheless change Comcast’s thinking towards a renewed counterbid for the Fox assets. Convincing the Murdochs and Fox’s independent board to accept a new offer is now more challenging for Comcast, which needs to provide a knock-out bid, combined with a substantial reverse termination fee, for its offer to just be on equal grounds versus Disney’s agreed offer.


Contents (7 Pages):

1. Moving the Goal Post: Unwarranted Action by Delrahim (and Trump)? 2. The DoJ’s Appeal’s Effect on Comcast’s Thinking 3. Potential Negotiation Outcomes Out of Sun Valley, Idaho 4. Timing Constraints and Offer Considerations for the Suitors


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Deal Timeline

Sky / Twenty-First Century Fox

October 2018

September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

Deal Announced: December 15, 2016
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