Moody's: Comcast's offer to buy 21st Century Fox America 'credit negative'
Moody's Investors Service stated that Comcast Corporation's (CMCSA) all-cash offer of $35 per share to acquire the businesses that 21st Century Fox America, wholly owned subsidiary of Twenty-First Century Fox (FOXA), has agreed to sell to the Walt Disney Company (DIS) is credit negative for Comcast. The transaction would also include the assumption by Comcast of $20B of outstanding Fox debt. "The offer is consistent with our expectations when we placed Comcast on review for downgrade on May 23, 2018, which considered the new debt associated with a Fox acquisition net of cash on hand, the assumption of Fox debt, $15.4B of new debt associated with the offer to acquire all the equity of Sky plc (SKYAY), and assumption of Sky's $12.1B in debt." CMCSA CMCSK FOX FOXA SKYAY DIS