", "Our management team has a proven track record of successful integration of our merger partners," said Mr. Roberts. Star Wars: Who Could Play Rebels' Ezra Bridger in Live Action? As part of the proposal, Comcast has noted the applicability of the FCC's current program access and program carriage rules to the combined company, which should address potential concerns that could be raised in the regulatory process. ", "I know Disney's businesses very well," said Steve Burke, President of Comcast Cable. The last several months in Hollywood have come with massive changes to the studio structure. A detailed list of the names, titles and interests of these persons is contained in a filing made by Comcast with the Commission pursuant to Rule 425 on February 11, 2004. Despite Comcast's best attempts, this merger between Disney and Fox continues to move forward. When he isn’t writing about or watching new releases, Cooper is a fantasy football obsessive and looking to expand his Blu-Ray collection – because physical media is still king! Fox Agrees To Disney's $71 Billion Bid After Comcast Offer, Time Warners and AT&T's deal was approved, Disney & Comcast Could Wind Up Splitting Fox's Assets, Spike Lee Collaborator Thomas Jefferson Byrd Dead at 70, Marvel Fan Art Imagines John Krasinski as Captain America Over Chris Evans, Tenet Crosses $300 Million at Global Box Office, Only $45M Comes From US, Hulk Cosplayer Destroys Donald Trump's Hollywood Walk of Fame Star, Jamie Foxx Confirms Electro Return In Marvel’s Spider-Man 3, Matrix 4 Theory: Neo's Return Is Part Of The Oracle's Plan, Eternals: How Kro The Deviant First Look Compares To The Comics, Netflix Gilmore Girls Revival Show Will Broadcast On The CW, Civil War Concept Art Shows Bucky Trying To Rip Out Iron Man’s Arc Reactor, Jonathan Frakes Wants Tarantino or Noah Hawley's Star Trek Movie To Happen, Spiral Director Hints At Connection to Original Saw Franchise. Terms of the proposed transaction are as follows: "This is a unique opportunity for all shareholders of Comcast and Disney to create a new leader of the entertainment and communications industry," said Brian L. Roberts, President and Chief Executive Officer of Comcast. Considering they just raised their initial deal by $18 billion, there's yet to be a sense that Disney is losing this fight. "These are two very different businesses, and I've felt from the beginning that Comcast didn't have the expertise necessary to run a content business of this scale," Mantell said. How Each Original MCU Avenger Fits Into Marvel Phase 4, Terrifier 2 No Longer Releasing This Halloween, Delayed To Early 2021, Thor 2 Villains Dark Elves Look Much Creepier In Marvel Movie Concept Art, Every Charlie Kaufman Film Ranked From Worst To Best, Cyclops Actor On Possible Recasting For MCU X-Men Movies, The Boys In The Band: Why The Reviews Are So Positive. The Comcast management team greatly appreciates and is highly respectful of the Disney heritage. On Monday, however, he received the board's official backing. Rather, he had thought the deal would allow Comcast to innovate its product portfolio faster and make the two companies stronger, he said. Civ.

At least one industry watcher expressed relief that the Disney bid was withdrawn.

Comcast announced its bid for Disney in February, proposing a deal that would have created one of the largest media and distribution companies in the world. The combination would create one of the world's leading entertainment and communications companies with an unparalleled distribution platform and an extraordinary portfolio of content assets. Cooper Hood is a news and feature writer for Screen Rant. Disney shareholders would own 42% of the combined company. Discuss: Comcast walks away from Disney bid, CDC acknowledges COVID-19 airborne transmission. The Disney-Fox merger hasn't officially happened though yet as it must first be approved by regulators. There's also the ability for Disney to bring Marvel Studios a bulk of its unavailable characters back.
In addition to serving over 21 million cable subscribers, Comcast is also the country's largest high speed internet service provider with over 5 million subscribers. Investors and security holders may obtain a free copy of the disclosure documents (when they are available) and other documents filed by Comcast with the Commission at the Commission's website at www.sec.gov. Comcast could decide to come back with another offer that sweetens the deal further, but Disney still has the right to counter any subsequent offers.

"Not only would this merger create significant shareholder value, but it would also position the combined company to compete vigorously with other entertainment and communications companies, including newly created integrated distribution/content providers. Given this, the only way for us to proceed is to make a public proposal directly to you and your Board. We believe this combination helps accelerate the realization of that goal-whether through existing distribution channels and technologies such as video-on-demand and broadband video streaming or through emerging technologies still in development-to the benefit of all our shareholders, customers and employees. We also would welcome directors from your Board joining our Board. The announcement fueled a controversy over Disney CEO Michael Eisner, who rejected the bid early on. Even though Disney has a long list of successful properties, they'll need even more content to keep people engaged. The disclosure documents will be filed with the Securities and Exchange Commission (the "Commission") by Comcast. "I'm very comfortable with our decision to withdraw the Disney offer, even though that was not our original hope going into the deal," Comcast CEO Brian Roberts said in a conference call with investors. "The size of the transaction put so much of our company resources into the deal that some shareholders believed this was a sign that we were losing confidence in the cable business, which we have not.". Discussion threads can be closed at any time at our discretion. Disney and Fox have agreed upon a bigger acquisition deal following a competing bid by Comcast. The cable company said that because it has withdrawn the Disney bid, it will proceed with a previously announced $1 billion stock repurchase program. All the latest gaming news, game reviews and trailers.

It is unfortunate that you are not willing to do so.

The full text of the letter sent to Disney is attached. The superior track record of Comcast's management is shown by its success in the acquisition of AT&T Broadband, which was twice the size of Comcast when acquired fifteen months ago.
Their report states Fox called this new deal "offers more flexibility and other enhancements than the Comcast offer." Comcast Corporation (Nasdaq: CMCSA, CMCSK) today announced that it has made a proposal to The Walt Disney Company (NYSE: DIS) to merge the two companies in a tax-free transaction. A bidding war quickly began with Comcast and Disney viewed as the most serious parties, and despite a higher offer from Comcast, Fox and Disney agreed to a deal worth $53 billion late last year. Comcast and certain of its directors and officers may be deemed to be "participants" in solicitations of proxies or consents from Comcast's and Disney's shareholders. We know that there are many talented executives at Disney who we envision would also play a key role in managing the combined company. We hope that the Disney Board will pursue the opportunity that this proposed combination presents to your shareholders. The two major deals of 2019 in the media space – the acquisition of Fox Studios by Walt Disney and the Viacom-CBS merger – indicate that major … Comcast Class A common stock and Class A Special common stock trade on The NASDAQ Stock Market under the symbols CMCSA and CMCSK, respectively. Brian L. Roberts President and Chief Executive Officer. The FCC's existing program access and program carriage rules ensure that the combined company will continue to make all of its satellite-delivered national and regional cable networks available on a non-exclusive, non-discriminatory basis and that there will be no discrimination against unaffiliated programming services, all consistent with the undertakings made by News Corp. in its recent acquisition of DirecTV. The Company is the largest cable company in the United States, serving more than 21 million cable subscribers. Together, we would unite the country's premier cable provider with Disney's leading filmed entertainment, media networks and theme park properties. Mr. Michael D. Eisner The Walt Disney Company 500 South Buena Vista Street Burbank, California 91521. He said Roberts' mention of Adelphia indicated that Comcast would likely consider buying that company, or at least some of its cable systems. Entertainment Television, Style, The Golf Channel, Outdoor Life Network and G4. We delete comments that violate our policy, which we encourage you to read. Bloomberg reports Disney and Fox agreed to an updated deal worth $71.3 billion. David Mantell, an equity analyst at Chicago-based Loop Capital Markets, said he felt Comcast would have had problems overseeing Disney's vast entertainment business and getting the two companies' corporate cultures to work in unison. As you have expressed on several occasions, one of Disney's top priorities involves the aggressive pursuit of technological innovation that enhances how Disney's content is created and delivered. Follow Cooper on Twitter @MovieCooper. Be respectful, keep it civil and stay on topic. In this case being disciplined meant walking away.". In fact, our shares have consistently outperformed leading stock indices by significant margins, including the S&P 500 by a margin of more than 2 to 1 since Comcast went public in 1972. "These are also two very different cultures, and I think a lot of people overlook the fact that you must have the right fit to pull off a buyout like this, and the chemistry wasn't there in this case.".

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