Comcast Ends Bidding War with Disney for 21st Century Fox

Comcast has been in a bidding war with Disney to acquire the rights to 21st Century Fox. With the hopes of stopping Disney’s pending, stock-based $52.4 billion deal with Fox, Comcast made a higher, all-cash offer of approximately $65 billion. The assumption was that Comcast was waiting to see if AT&T’s acquisition of Time Warner would be approved before making a formal offer to Fox. On June 12th the ruling came down in AT&T’s favor and probably played into Comcast’s decision to make the offer to Fox.

Today Comcast stated that they no longer “intend to pursue further the acquisition of the Twenty-First Century Fox assets and, instead, will focus on our recommended offer for Sky.”

Brian L. Roberts, Chairman and CEO, Comcast Corporation, 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.”

Fox Broadcasting, Fox News, and Fox Sports are not part of the agreement. The Disney and Fox merger calls for them to be spun off into a company called New Fox. This is also part of the Comcast deal. In the hopes of gaining favor over Disney, not only is Comcast offering the same $2.5 billion reverse breakup fee as Disney in the event that the deal is scuttled by regulators, it is going even further and offering to fund the $1.525 billion that Fox would owe Disney if it decides to abandon their deal.

Source: Comcast

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