Comcast drops out of Twenty-First Century Fox bidding war

Comcast drops out of Twenty-First Century Fox bidding war

Still, Comcast dropping out of the 21st Century Fox bidding war means that Disney will obtain a treasure chest of valuable assets once the sale goes through.

"I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company".

The US media company made a decision to end its battle with Disney today - making Rupert Murdoch's desires to buy out the rest of Sky a more challenging task.

Fox now owns a 39 percent stake in Sky and has valued the remaining 61 percent of the company at $32.5 billion while Comcast has upped its offer to $34 billion for that stake. As Disney already owns the ABC Television Network, ABC News and a cluster of major ABC-affiliated stations, the acquisition did not include the comparable holdings of Fox.

Sky's share price fell 2% following Comcast's news, indicating investor fears that Murdoch might not now return with an improved bid.

Media mogul Rupert Murdoch, who over three decades assembled the Hollywood entertainment colossus that is Fox, seemed to clearly favor Disney and Iger, the affable CEO with whom he enjoys a personal rapport.

Cher and Meryl Streep shared a kiss on the red carpet
The first time we spoke on the phone she called me "babe" and I was just silenced... until I asked her to do it again! ". The sequel's cast additions include Lily James , who plays the younger Donna, and Cher , who portrays Donna's mother.

Disney fended off Comcast's $66 billion all-cash challenge to its deal for the Fox assets last month by sweetening its offer to $71 billion in cash-and-stock. A Comcast-Fox merger, like a Disney-Fox merger, would have been similarly vertical by combining a distributor with a content producer.

Matters have also been more complicated for Comcast after the DOJ's move to appeal a court ruling that approved AT&T's acquisition of Time Warner. That's a 5% premium over Fox's most recent £14.00/share offer to purchase the 61% of shares in Sky that it doesn't already own.

Are you excited for Disney to finally acquire Fox?

Now the question becomes whether Fox will choose to split its assets between the two rival bids, especially with many considering Sky a "crown jewel" of the Fox assets. The idea was to sell Sky to Disney as part of the broader deal.

But Fox is now serving as a stalking horse for Disney's interest in Sky.

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