Comcast Won't Make Another Bid Against Disney For Fox

Comcast Won't Make Another Bid Against Disney For Fox

Comcast has said it will no longer pursue a takeover of 21st Century Fox's film and television assets, leaving Disney as the sole bidder.

Comcast on Thursday said it would drop its bid to buy key portions of 21st Century Fox, ending a bidding war between the Philadelphia-based cable giant and the network's likely new owner, The Walt Disney Company.

"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", Comcast's chairman/CEO Brian L. Roberts added. Disney is the parent company of 6abc.

It has been an epic clash of media titans worthy of a blockbuster movie itself like, say, the X-Men - notably a property of 21st Century Fox. Fox made it clear that it preferred to sell to Disney, arguing that a Disney/Fox deal had a better chance of receiving United States government approval than a Comcast/Fox one. But now the boardroom battle is over, and as the metaphorical smoke clears, Comcast is walking away and paving the way for a Disney acquisition.

The victory arrived at a steeper cost: Disney raised its bid from an initial $52 billion in an all-stock deal to $71 billion, which includes cash. Both Comcast and Disney see the value of Fox's assets, which includes a strong media presence in the United Kingdom and India, and features a century's back catalogue of film.

"Let’s Do A Second One" - Pacquiao Calls For Mayweather Rematch
And as Manny challenged: "I have the belt, so it's up to him". I really love to fight and bring honor to my country. Noel Detoyato said in a message to reporters.

Under the deal that Fox has with Disney, Murdoch must gain consent to raise his bid.

Comcast, however, became an alternative suitor in December, but Murdoch was wary, at least partially due to the regulatory hurdles that deal might face.

Last week, in a day of bid and counterbid, Comcast tabled a £26bn offer to buy Sky, trumping Murdoch within hours of the media mogul making a new £24.5bn offer.

For Fox shareholders, they may enjoy seeing Comcast try, but for Fox employees...

Related Articles