Comcast Drops Bid for Fox, Leaving Disney's Acquisition Path Clear

Comcast Drops Bid for Fox, Leaving Disney's Acquisition Path Clear

Comcast's statement said that it will focus on its attempt to purchase Sky, a British media and pay-TV company.

FBN's Maria Bartiromo talks to Rep. Roger Williams, (R-Texas), about the state of deal-making in this economy as Comcast drops its bid for 21st Century Fox entertainment assets. Fox made it clear that it preferred to sell to Disney, arguing that a Disney/Fox deal had a better chance of receiving U.S. government approval than a Comcast/Fox one.

Last week Comcast boosted its offer for European pay TV service Sky to $34 billion US. Once Disney moved to buy Fox, Sky would be part of the deal.

'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, ' said Comcast CEO Briuan Roberts in a statement. The idea of a Comcast Fox deal is officially dead.

It is not yet clear what will happen to Mr Murdoch's 39% stake in Sky, but it is thought that could also be sold to Comcast.

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If Comcast is successful in taking over at least 51% of Sky the company has said that it could live with the Murdochs or Disney as minority shareholders, but it hopes to engineer a full takeover. Indeed, Disney made the offer just as a regularly scheduled meeting of 21st Century Fox's board members was about to begin. 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. It would not include Fox News, the Fox broadcast network, the local TV stations it owns, or its sports networks.

In a battle among media giants for control of 21st Century Fox's entertainment business, Comcast has blinked.

The withdrawal leaves the path open for Disney to buy the 21st Century Fox assets with its latest offer of $US71 billion.

Are you excited for Disney to finally acquire Fox?

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