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HomeNewsInternational NewsComcast leaves race for Fox bid; will try to grab Sky
Thursday, 19 July 2018 11:56

Comcast leaves race for Fox bid; will try to grab Sky

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Comcast has announced on 19 July that it would not seek to compete with Walt Disney Co.'s for 21st Century Fox's entertainment assets. It added that it will focus instead on winning control of the Sky satellite service.

Now with this decision, Disney has no rival in going ahead with its offer of $71.3 billion for Fox's entertainment properties, which include a 39 percent stake in Sky. Comcast has offered about $25 billion for the U.K. pay-TV provider, including Fox's stake, though it's unclear if Disney will be willing to part with it.

Comcast, though now out, did force Disney to pay a higher price for the assets, which also include a movie studio and cable networks FX and National Geographic. Comcast had made a $65 billion offer for Fox's entertainment assets, forcing the Disney to sweeten its $52.4 billion deal.

In July, Disney won U.S. antitrust approval for its purchase of Fox's assets, giving it a potential edge in the contest. Comcast had weighed whether to team up with private equity investors in its pursuit of Fox assets, a person familiar with the situation said.

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