Comcast drops out of Twenty-First Century Fox bidding war

Jul 20, 2018, 18:32
Comcast drops out of Twenty-First Century Fox bidding war

Comcast made its bid of $65 billion in June, aiming to capitalize on what was seen as an easier regulatory path after AT&T successfully defended an antitrust challenge to its acquisition of media-entertainment group Time Warner.

Comcast and Disney were embattled in a bidding war for Fox Studios which at first saw Disney bid $52.4 billion, but then Comcast offered an all-cash deal of $60 billion, which Disney followed up with the $71.3 billion offer.

As has been previously reported, Comcast will instead focus its attention on acquiring the Sky network, which has a big foreign audience.

The cable and media company said Thursday that it is dropping its bid, instead focusing on its pursuit of the European pay-TV operator Sky. Disney CEO Bob Iger had this to say in a statement regarding Comcast's decision to no longer pursue Fox. There was an issue with regional sports networks, and Disney agreed to sell those off to get Department of Justice approval. Home to popular franchises like X-Men, Deadpool, The Simpsons and more, Fox's entertainment assets could benefit Disney significantly. Those would be spun off into a new company, and Disney would acquire 21st Century Fox after the spinoff. Many market analysts have concluded Comcast and Disney may reach a truce without even exchanging a word in private, carving up Fox's domestic holdings for Disney and allowing Comcast to take control of a majority of Sky's assets.

However, it still leaves open a potential bidding war for Sky, which is 39-percent owned by Fox. Fox will maintain control of the main Fox broadcasting network, along with Fox Sports 1 and Fox Sports 2 and the Fox News cable network. If Fox wins, it will likely mean Disney will have to increase what it's paying for Fox anyway as the total value of the company will have increased.

Shares in Sky closed...

He said Comcast's focus now is on getting Sky "to build a strong beachhead content strategy in Europe". "I don't think Disney wants to give up Sky", said Crispin Odey, whose eponymous hedge fund owns Sky shares.

YOU MIGHT ALSO LIKE
  • Samsung Galaxy Note 9 leak reveals two pretty convincing photos

    Samsung Galaxy Note 9 leak reveals two pretty convincing photos

    Being a budget smartphone with very low-end specs, you can expect the price to be lower than all the other Galaxy J series phones. Further, a recent Geekbench listing revealed a Galaxy Note 9 variant running Exynos 9820 SoC with top-notch benchmark scores.
    I want to keep Hazard, says Sarri

    I want to keep Hazard, says Sarri

    I would like to meet these players face to face and talk to them and understand what will be best for everyone. Hazard told reporters: "After six wonderful years at Chelsea it might be time to discover something different.
    People Bitten by Sharks Over a Few Minutes

    People Bitten by Sharks Over a Few Minutes

    The 17-year-old, who was not identified as male or female, received puncture wounds to his foot, the fire department said. Three minutes later, while attending to the first victim, the department received a report of a second biting incident.
  • Google Fined RM20.3 Billion By EU Over Abuse Of Android OS

    Google Fined RM20.3 Billion By EU Over Abuse Of Android OS

    It was clear from the beginning that it was Google's intention to replace Android at some point, we just didn't know exactly when. This means that we earn revenue only if our apps are installed, and if people choose to use our apps instead of the rival apps.
    Rapes and beatings: The torments of South Korea's young athletes

    Rapes and beatings: The torments of South Korea's young athletes

    He denounced Trump , saying he is on "suicide mission" in response to his earlier pledge to "totally destroy" North Korea. He told reporters , "We have no rush for speed", adding, "We're just going through the process".
    FIFA has named the symbolic team of the 2018 world Cup

    FIFA has named the symbolic team of the 2018 world Cup

    Right wing: Kylian Mbappe (France): The 19-year-old lit up the World Cup with his electric pace, power and lethal finishing. Croatia midfielder Luka Modric is a good bet to be named player of the tournament if he plays well again and Croatia wins.
  • The four rebel Labour MPs who rescued Theresa May's government

    The four rebel Labour MPs who rescued Theresa May's government

    An early recess might not stop a potentially stinging resignation statement from Boris Johnson . Near miss on customs union amendment. "The hon lady ain't no Margaret Thatcher", he said.
    Sarri unable to give guarantees over Hazard and Courtois' Chelsea future

    Sarri unable to give guarantees over Hazard and Courtois' Chelsea future

    He said: "I have to say sorry to everybody because my English is not so good". Sarri added: " Gary Cahill can still give us a lot". I am not afraid , I don't want to be afraid.
    Apple's new emoji update includes options for bald people and redheads

    Apple's new emoji update includes options for bald people and redheads

    A handful of realistic animals join the menagerie of emojis, including a parrot, kangaroo, lobster and peacock. Whether you're celebrating with a smiley face, a confetti ball, or a shrug, today marks World Emoji Day.
  • How The Trump-Putin Relationship Resonates With The President's Supporters

    How The Trump-Putin Relationship Resonates With The President's Supporters

    Trump now says, with apparent reluctance, that he does agree, but he continues to add that others may have intervened as well. But during his CBS chat on Wednesday, Trump went as far as saying he personally confronted Putin when they met in Helsinki.
    Putin summit kicks off in Helsinki

    Putin summit kicks off in Helsinki

    As Trump departs the U.K., Prime Minister Theresa May surprised many by stating that the president encouraged her to sue the EU. Putin and Trump held their first talks on the sidelines of the Group of Twenty summit in Germany's Hamburg in July 2017.
    The best deals you can still get after Amazon Prime Day

    The best deals you can still get after Amazon Prime Day

    To start with, the company's many third-party sellers managed to rake in "far" over $1 billion in sales during the event. Best-selling items included the Fire TV Stick with Alexa Voice Remote, Instant Pot 6 Qt 7-in-1 Multi Use and Echo Dot .
popular