Comcast is dropping its bid for Fox's entertainment businesses, paving the way for Disney to boost its upcoming streaming service by buying the studios behind The Simpsons and X-Men.Comcast can now focus on its pursuit of European pay-TV operator Sky, a deal that would give the Philadelphia-based cable and media company a larger presence outside the U.S.The moves come as the media landscape is shifting dramatically. Cable and telecom companies are buying content makers to compete with popular streaming services such as Netflix and Amazon. AT&T bought Time Warner last month for $81 billion.Comcast had been dueling with Disney for Twenty-First Century Fox, but Comcast said that it would not raise its $66 billion offer for Fox. The Walt Disney Co. had topped Comcast's bid by offering $71 billion.The U.S. Department of Justice has approved Disney's bid as long as Disney, which owns the national sports network ESPN, sells Fox's 22 regional sports networks. Fox shareholders are set to … [Read more...] about Comcast admits defeat in battle with Disney over 21st Century Fox mega deal
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Comcast abandons pursuit of 21st Century Fox assets to focus on rival Sky bid
News / UK and world by Press Association July 19, 2018, 2:40 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter US cable giant Comcast has dropped plans to bid for Rupert Murdoch’s 21st Century Fox assets, with plans to focus solely on a £26 billion takeover of UK broadcaster Sky. In a statement released on Thursday, Comcast said it “does not intend to pursue” the acquisition of Fox assets which it has already agreed to sell to Walt Disney, “and, instead, will focus on our recommended offer for Sky”. Disney had raised its offer for Fox assets to 71 billion US dollars (£54.7 billion ), outbidding Comcast’s 65 billion US dollar (£50 billion) bid. Comcast chairman and chief executive Brian L. Roberts said: “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.” Sky … [Read more...] about Comcast abandons pursuit of 21st Century Fox assets to focus on rival Sky bid
Comcast won’t pursue 21st Century Fox, clearing way for Disney tie-up
Comcast announced Thursday it will not continue to pursue a bid for Twenty-First Century Fox, clearing the way for that company's tie-up with the Walt Disney Company. "Comcast does not intend to pursue further the acquisition of the Twenty-First Century Fox assets and, instead, will focus on our recommended offer for Sky," Comcast Chairman & CEO Brian Roberts said in a statement, extending a congratulations to the winning bidder. "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," Roberts said. Fox's assets had been the target of bidding skirmish between Comcast and Disney. Comcast offered nearly $66 billion for Fox's assets, which include the FX network and the studio that houses the X-Men franchise. Disney then raised its bid to more than $70 billion. The deal won approval from the Department of Justice last month, under the condition that Disney sell its 22 regional … [Read more...] about Comcast won’t pursue 21st Century Fox, clearing way for Disney tie-up
Disney’s bid for 21st Century Fox approved by Department of Justice
The Walt Disney Co. has won U.S. antitrust approval for its $71.3 billion bid for Twenty-First Century Fox's entertainment assets. That sets the clock ticking for the deal to be completed. Disney has 90 days to seal the acquisition, with an option to extend for another 90 days. The Department of Justice said Wednesday that Disney must first sell its 22 regional sports networks. Disney's stock traded slightly higher, up 0.2 percent to $104. Twenty-First Century Fox shares rose 2.2% to $48.70 Fox's assets have been the target of bidding skirmish between Comcast and Disney. Comcast offered nearly $66 billion for Fox's assets, which include the FX network and the studio that houses the X-Men franchise. Fox has the option to consider other offers and Comcast could raise its bid. The battle for 21st Century Fox reflects a new imperative among entertainment and telecommunications companies, as seen by AT&T's recent takeover of Time Warner. Media giants are increasingly consolidating in a … [Read more...] about Disney’s bid for 21st Century Fox approved by Department of Justice
Government to decide on 21st Century Fox bid for Sky by June 13
News / UK and world by Press Association May 1, 2018, 3:44 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter The Government will decide on whether 21st Century Fox’s proposed £11.7 billion takeover of Sky is in the public interest in the next 30 working days. Rupert Murdoch’s Fox is attempting to buy the 61% of Sky that it does not already own, but the bid has been complicated by competition concerns and rival offers. Matt Hancock, Secretary of State for the Department for Digital, Culture, Media and Sport, has received a report from the Competition and Markets Authority (CMA) detailing its investigation into a possible merger of the two media giants. In a written ministerial statement, Mr Hancock said he will decide on whether the merger can go ahead by June 13. “My decision will be on whether the merger operates or may be expected to operate against the public interest, taking into account the specified public … [Read more...] about Government to decide on 21st Century Fox bid for Sky by June 13