Comcast Ends Fox Pursuit, Continues Bid For Sky

Comcast Corp. is dropping its bid for 21st Century Fox business, according to the company.

This will leave Walt Disney Company alone in seeking Fox's assets -- which include its movie studio, FX Networks, its 30% interest in Hulu, Fox’ 39% interest in Sky and equity in other international services.

Disney won the Justice Department's approval for its $71.3 billion Fox deal in June. But that is contingent on selling off Fox's 22 regional sports networks. 

Disney increased its its original $52.4 billion offer for Fox, announced in December, after Comcast made a counterbid of $65 billion in June.

For its part, Comcast says it will continue to seek a deal for European-based TV service Sky. Fox will seek the remaining piece of Sky it doesn’t own, and sustain its bidding war with Comcast.

Brian L. Roberts, chairman-CEO,Comcast Corp, stated he congratulated Disney, the Murdochs and Fox for “creating such a desirable and respected company."

Mid-day Thursday trading of Comcast stock was up 2.9% to 35.03; Disney rose 2.4% to $113.25; and Fox dipped 1.7% lower. Since the beginning of the year -- just after the Disney’s original offer -- Fox’s stock has climbed 34%.



Next story loading loading..