Comcast launched its bid to snatch 21st Century Fox from Walt Disney with a letter sent to the Fox board of directors outlining an all-cash offer to acquire the businesses for a total cost of $4.02 billion.
The proposal included the $1.525 billion break-up fee to be paid to Disney.
In the letter to Fox chair Rupert Murdoch, the Comcast board of directors wrote that the proposal is not subject to financing, adding that Comcast had received confidential letters from Bank of America Merrill Lynch and Wells Fargo.
Comcast is also pursuing an all-cash firm offer for the entire issued and to be issued share capital of Sky. In the letter, Comcast stated it intends to pursue this offer parallel with its acquisition of 21st Century Fox.