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Comcast Drops Bid for Twenty-First Century Fox

Comcast_LogoAccording to CNNMoney, Comcast will drop its pursuit of Twenty-First Century Fox Inc. (21CF) assets. The withdrawal follows last month’s most recent bid from Disney for $71.3 billion.

Comcast and Disney have been in an ongoing bid war for 21CF assets. Last month, Comcast set a terms of proposal to acquire the businesses that 21CF agreed to sell to Disney in December. The proposal reflected a $65 billion equity, which represented 19 percent of the value of Disney’s all-stock $52.5 billion offer.

The tug-of-war between Comcast and Disney may not be over. According to reports, Comcast will continue to pursue its bid for the British broadcaster Sky, which Disney is also trying to buy through Fox. Sky has a direct-to-consumer relationship with 23 million paying subscribers across five European countries. Comcast offered $34 billion for Sky.

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