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
Fox ups bid to £24.5bn in takeover battle for Sky
News / UK and world by Press Association July 11, 2018, 10:46 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Rupert Murdoch’s 21st Century Fox has turned up the heat in the battle to take over Sky after trumping rival Comcast with a higher bid worth £24.5 billion. Fox hiked its bid to take full control of Sky to £14-a-share – nearly a third more than the £10.75 price it agreed to pay in its original offer 18 months ago and leapfrogging US cable group Comcast’s £12.50-a-share takeover proposal. Sky’s independent committee has agreed to Fox’s raised bid, with all eyes now on Comcast’s next move amid expectations it may improve its £22 billion offer. Fox is hoping to see off competition from Comcast after a long battle to buy the remaining 61% stake in Sky it does not already own, having faced heavy scrutiny from the UK government and competition watchdogs. But analysts … [Read more...] about Fox ups bid to £24.5bn in takeover battle for Sky
Fox raises bid for Sky to £14 a share
News / UK and world by Press Association July 11, 2018, 7:40 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Rupert Murdoch’s 21st Century Fox has hiked its bid to take full control of Sky to £14 a share as it looks to beat rival suitor Comcast in the battle for the pay TV giant. Fox’s new offer for the 61% of Sky it does not already own values the company at £24.5 billion. It said the offer was around 12% higher than the £12.50-a-share bid submitted by US cable group Comcast. Fox’s sweetened bid is also around 30.2% higher than its original £10.75-a-share bid made in December 2016, which valued the 61% stake at £11.7 billion. Its move signals Fox hopes to see off competition from Comcast after a long battle to buy out Sky, which has come under heavy scrutiny from the UK government and competition watchdogs. Earlier this month, then UK culture secretary Matt Hancock said Fox would have to sell … [Read more...] about Fox raises bid for Sky to £14 a share