Published: Fri, July 20, 2018
Life&Culture | By Rose Hansen

Comcast Won't Make Another Bid Against Disney For Fox

Comcast Won't Make Another Bid Against Disney For Fox

Comcast declined to exceed a $71.3 billion offer made by Disney for the bulk of Fox's assets, which includes the 20th Century Fox Studio, the cable studios FX and Nat Geo, and a stake in the Hulu streaming service.

"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", said Brian Roberts, chairman and chief executive of Comcast. Time had run out for Comcast to come back with a new offer, with Fox shareholders scheduled to vote on the Disney deal on July 27. Comcast has offered $34 billion for the London-based Sky.

Buying Sky would make Comcast the world's biggest pay TV network and would reduce its dependence on the USA market. The idea of a Comcast Fox deal is officially dead. Fox owns 39 percent of Sky and has also been trying to buy the 61 percent it doesn't own. Disney shares were up 1.6 percent.

It is not known if Murdoch, who is now the Executive Co-Chairman at 21st Century Fox, would maintain a role inside the company or if he would take some time off to celebrate being newly Wednesday for the fourth time to supermodel wife Jerry Hall.

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Instead, Disney will buy assets from Fox including its movie studio, and content like Avatar and X-Men. "I don't think Disney wants to give up Sky", said Crispin Odey, whose eponymous hedge fund owns Sky shares.

In a battle among media giants for control of 21st Century Fox's entertainment business, Comcast has blinked. Lions Gate Entertainment Corp LGFa.N rose 5.2 percent on investor speculation it could become an acquisition target.

Comcast first made an offer for the Fox entertainment assets last November, but Fox chose to go with Disney, even if its bid was lower, because it believed a deal with Comcast would not win antitrust approval.

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