Comcast lets Disney win the 21st Century Fox bidding war

Comcast drops bid for 21st Century Fox assets

Comcast has seemingly taken that advice, because the company is doing at least two of those things: Deadline says it has officially dropped out of the bidding process and ceded the deal to Disney.

The Fox sale does not include major assets such as the Fox News Channel, Fox Business Network, and Fox Broadcasting Company. Disney countered with $71.3 billion, a mix of stock and cash and the media world has been waiting to see if Comcast would counter that offer.

"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", Brian Roberts, Comcast's CEO, said in a statement.

The US media and cable company's decision to pull out of its battle with Disney will make Murdoch's long-held ambition of buying the 61% of Sky he does not already own a more hard task. Fox and Comcast are now engaged in a bidding war of its own over Sky, the European satellite provider.

This opens up so many possibilities for Disney, but most fans are very excited at the idea of Fox's Marvel characters crossing over into the Marvel Cinematic Universe.

Shares of Comcast were up 2.2 percent in premarket trade, while Fox fell 1 percent. Now the way is clear for Disney to own X-MEN, DEADPOOL, networks like National Geographic and FX, as well as Fox's 30% stake in Hulu, giving Disney a controlling 60% stake.

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The question remains: will Disney, in inheriting the Fox position in Sky, leave Comcast to collect the consolation prize in the multi-billion-dollar bidding war?

Sky's independent committee has recommended that shareholders accept Comcast's offer, a further blow to Mr Murdoch.

Comcast did not put in a counteroffer until after the Justice Department approved AT&T's $85 billion merger with Time Warner.

Are you excited for Disney to finally acquire Fox? Or will it continue fighting for an asset that CEO Bob Iger described as a "crown jewel" among Fox's assets? Rupert Murdoch founded its predecessor company in the 1980s and sold off a majority of the ownership to address debts.

"Sky does have an impressive collection of proprietary affiliate deals, Premier League Football is only the most notable", Moffett writes.

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