Comcast Abandons Effort to Acquire Twenty-First Century Fox

Comcast drops bid for 21st Century Fox assets
Comcast drops bid for 21st Century Fox, leaving entertainment powerhouse in the hands of Disney
Author

20 July, 2018

In a statement to CNBC, Comcast said, "Comcast does not intend to pursue further the acquisition of the Twenty-First Century Fox assets and, instead, will focus on our recommended offer for Sky".

During the last two months, Comcast and Disney went head-to-head for Fox's assets which included the Fox movie and TV studios, a 30 percent stake in the streaming service Hulu and a 39 percent share of Britain-based Sky.

The Walt Disney Company had upped its offer to 21st Century Fox from its originally agreed upon figure of $52 billion to $71.3 billion after Comcast tried its cash bid of $65 billion. On CNBC, Disney's Iger said he was "extremely pleased with today's news". Some Fox businesses, including Fox News Channel and the Fox television network, will remain with media mogul Rupert Murdoch and his family.

Comcast's chances of buying Fox got even worse on June 27 when the Department of Justice gave its approval to the Disney/Fox deal. So Disney and Comcast may yet have to duke it out in that regard down the road. It was also anxious how much revenue it would lose in divesting assets to appease US antitrust regulators. Last week, Comcast made a bid that values Sky at $US34 billion, compared with $US32.5 billion in Fox's offer.

Iger and Disney have coveted Fox's path into worldwide markets.

Putin summit brings end to frosty US-Russia relations
Senior Republican Senator John McCain said it was a "disgraceful performance" by a USA president. Trump has repeatedly said there was no collusion and called the investigation a "witch hunt".


Fortnite Season 5 Is Here With Tonnes of New Content
Map updates include a new desert biome complete with race track and two new locations: Paradise Palms and Lazy Links . Auto-fire has also been added as an option in the iOS game - you can toggle it on and off in the settings menu.


Brian Cashman signs letter endorsing Supreme Court nominee Brett Kavanaugh
Robert Aderholt - the dean of Alabama congressmen in the lower chamber - urged the Senate to quickly confirm Kavanaugh. The Democrats are now pressuring Republicans who support access to abortion services to oppose the nomination.


Comcast didn't have further comment beyond the release, but said that it's the high bidder and has posted its offer document. Comcast has apparently decided the fight over Sky is more important than the fight over Fox, so the cable giant, that also owns NBC and Universal, will be looking to spend its money there.

Comcast's stock rose more than 2.5 per cent in Thursday premarket trading. The idea was to sell Sky to Disney as part of the broader deal.

However, smaller media companies could become acquisition targets.

The battle for Fox has seemed to come to an end to the delight of Disney CEO Bob Iger. The department filed its appeal against U.S. District Judge Richard Leon's decision to OK the $85.4 billion merger last week, despite Leon stating he didn't believe the government had "a likelihood of success" on merit of appeal.


More news


  • Trump brands Russia a 'foe' ahead of Putin summit

    Trump brands Russia a 'foe' ahead of Putin summit

    Back in America, Robert Mueller has indicted 12 Russian intelligence officials for hacking during the 2016 election. The United States has no extradition treaty with Moscow and can't compel Russian Federation to hand over citizens.
    Trumps arrive for gala at UK’s Blenheim Palace

    Trumps arrive for gala at UK’s Blenheim Palace

    In a statement, the group said it was a "victory that Donald Trump does not appear to have any official engagements in London ". President Trump said the British people "voted to break it up, so I imagine that " s what they " ll do" and "Brexit is Brexit".

    Tourist stabbed in South Beach by homeless man with no arms

    According to the Miami Herald , the homeless man is a fixture in the South Beach area, known for painting with his feet. In a weird incident, a 46-year-old homeless was arrested for stabbing a tourist with a pair of scissors using his feet.
  • Eden Hazard reveals who will decide his dumping Chelsea for Real Madrid

    Eden Hazard reveals who will decide his dumping Chelsea for Real Madrid

    Hazard is said to be interested in working with the Blaugrana and the club's coaching staff are already excited by the prospect. Real Madrid are willing to spend £150million to sign Eden Hazard from Chelsea , according to the Daily Mail .
    Chelsea set to announce Maurizio Sarri with contract signed at Stamford Bridge

    Chelsea set to announce Maurizio Sarri with contract signed at Stamford Bridge

    Conte's relationship with the Chelsea hierarchy had soured in the final year at the helm of the club regarding transfers. Chelsea have fired manager Antonio Conte after a two-year tenure in which he won the English Premier League and FA Cup .
    Wimbledon: Kerber reaches final as Ostapenko self-destructs

    Wimbledon: Kerber reaches final as Ostapenko self-destructs

    However, unforced errors were her downfall and particularly costly given Williams' unerring accuracy and solid service games. She went on a half-hour run in which she took the last four games of the first set and took a 3-0 lead in the second.
  • Cops Toss Coin in Driver's Arrest in Georgia

    Cops Toss Coin in Driver's Arrest in Georgia

    She cries as she is being handcuffed, and footage from inside the vehicle shows her sobbing in the back seat. The other officer pointed out she also didn't have any tickets. "I'm sorry", Webb responds, voice quaking.
    Shocking mugshot shows unshaven Paul Manafort as he's moved to different jail

    Shocking mugshot shows unshaven Paul Manafort as he's moved to different jail

    Visitors' logs show Manafort having multiple visits each week with his lawyers, according to the prosecutors. In a separate case pending in Alexandria, Virginia, he also faces bank fraud and tax-related charges.
    Microsoft reveals low-priced  Surface Go tablet

    Microsoft reveals low-priced Surface Go tablet

    Added to this is an 8.3 mm thin design , and a device that tips the scale at 521.6 grams sans detachable keyboard cover. The Surface Go has been priced $399 which applies to the base version with 4 GB of RAM and 64 GB of SSD storage.
  • Fresh, confident and Southgate - the key words to describe England team

    Fresh, confident and Southgate - the key words to describe England team

    England are out of the World Cup and Roy Keane is reminding everyone when they should be happy. England soccer fans are left wondering what could have been at an empty Hyde Park in London.
    Apple Music Passes Spotify in Total U.S. Subscriber Numbers

    Apple Music Passes Spotify in Total U.S. Subscriber Numbers

    According to the source, globally Apple claims 45 million subscribers with 5-10 million additional free trial subscriptions. The report claims that Spotify also has in excess of 20 million paying customers in the USA , but Apple is now in the lead.
    Maisie Williams Says Goodbye To Arya In Cryptic Post

    Maisie Williams Says Goodbye To Arya In Cryptic Post

    Although it seems like a lighthearted comment to make, Maisie recently shared a snap on her Instagram page, revealing she had finished filming .