Comcast ends bidding war with Disney for Fox, will focus on Sky

Comcast drops bid for 21st Century Fox assets

Comcast drops bid for 21st Century Fox assets

Negotiations between Disney and Fox began in late 2017, but hit a snag when Comcast unexpectedly beat Disney's offer.

Comcast on Thursday confirmed it'll no longer pursue 21st Century Fox and will focus instead on its bid for United Kingdom broadcaster Sky.

Cable and telecom companies have been buying the companies that make TV shows and movies to compete in a changing media landscape. The two had competing visions of what they'd do with the company.

Department of Justice officials filed a motion on Wednesday requesting an accelerated timeline for its appeal of a judge's decision to approve a merger between AT&T and Time Warner.

The complicated takeover situation between Disney, Fox and Comcast became clearer earlier, when Comcast abandoned its pursuit of 21st Century Fox's film and television assets.

Disney subsequently sweetened its offer to $71.3bn and recently gained regulatory approval in the U.S., with Fox shareholders due to vote on the deal on the 27 July. Comcast CEO Brian Roberts, meanwhile, has been branded the industry's boogeyman because of the company's tough stance in negotiating carriage deals with content companies.

"We're extremely pleased with today's news, and our focus now is on completing the regulatory process and ultimately moving toward integrating our businesses". 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. In addition to boosting the Disney streaming service, expected to debut next year, the deal paves the way for Marvel's X-Men and the Avengers to reunite in future movies.

We wondered how far this race would last, we need wonder no more as Comcast have officially pulled out of the deal to acquire Fox.

"This was the final chapter in this soap opera", GBH Insights analyst Daniel Ives said. Comcast's statement said that it will focus on its attempt to purchase Sky, a British media and pay-TV company. Fox owns the other 39% of Sky. "I don't think Disney wants to give up Sky", said Crispin Odey, whose eponymous hedge fund owns Sky shares.

There were rumors last week that Comcast might walk away from the cash competition with Disney and focus on Sky instead, which Fox also made a bid for.

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