Comcast drops pursuit of its bid for 21st Century Fox assets

  • Comcast and Disney had been engaged in a bidding war for Fox’s movie studio and television assets, with Disney recently raising the ante to $71 billion in cash and stock.
  • At the same time, Comcast has been in a bidding war with Fox to acquire Britain’s Sky, which is 39 percent owned by Fox.

Comcast said Thursday it would not pursue its bid to buy assets of Twenty-First Century Fox, choosing to focus on its offer for Britain’s Sky.

Shares of Comcast jumped 2.9 percent in premarket trading, while Fox fell 1.2 percent.

The announcement ends one of the biggest battles in the media industry this year, as Comcast fought with Disney to acquire Fox’s movie studio and television assets. Disney had recently outbid Comcast’s $65 billion all-cash offer with a $71 billion cash-and-stock offer.

Comcast CEO Brian Roberts said in a statement, “I’d like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company.”

www.cnbc.com/2018/07/18/comcast-drops-pursuit-of-its-bid-for-21st-century-fox-assets.html

Comcast drops bid for Fox.

Fox drops bid for Sky.

DIS gets Fox while avoiding the debt albatross from a Sky deal.

Love it when a plan comes together.

 

AC