Eager to ride the Justice Department’s loss to its own merger victory, Comcast surprised no one with a fast, aggressive bid for the assets that 21st Century Fox has agreed to sell to Walt Disney. At $65 billion, it is doozy of a bid, aimed not only at wooing the Murdochs away from Disney but also at distracting from the regulatory risks that would come with a Comcast deal.
Fox’s challenge is to not let that flashy number cloud its judgment. With the stock trading at records, that will take some real restraint.
...