July 13, 2018 | Media | Europe | Ended

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

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 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 (7 pages)

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