Friday, July 27, 2018

Disney Will Aquire Fox As Comcast Ends Pursuit

UPDATE: Disney receives shareholder approval to buy Fox assets

Comcast has dropped its bid to take over Fox turning its attention to aquiring Sky TV, this would leave Disney path clear to take over Fox.

The company said Thursday it would instead focus on its bid for European pay TV giant Sky. It recently submitted a raised $34 billion offer for Sky, topping an increased bid from Fox, which owns a 39 percent stake in Sky.

"Comcast does not intend to pursue further the acquisition of the 21st Century Fox assets and, instead, will focus on our recommended offer for Sky," the company said early on Thursday.

Comcast chairman and CEO Brian Roberts added: "I'd like to congratulate [chairman and CEO] Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company."

Comcast had on June 13 unveiled a $65.0 billion offer for the Fox assets that had trumped Disney's original $52.4 billion bid. Disney then shot back with a sweetened $71.3 billion offer for Fox.

The cable giant will now focus its energy on winning the showdown with Fox for European pay TV giant Sky, with some analysts suggesting that Fox and its likely future owner Disney could leave Sky to Comcast and focus on their deal with each other.