Comcast Gives Up On Buying Fox Assets, Clears Way for Disney

The bidding war is over—Comcast has dropped its pursuit of a group of media assets owned by 21st Century Fox, clearing the way for Walt Disney as the only remaining bidder. Comcast said it would now be refocus on its bid for U.K. TV group Sky, saying in a company statement: “Comcast does not intend to pursue further the acquisition of the 21st Century Fox assets and instead will focus on our recommended offer for Sky.” Last month, Disney outflanked Comcast by submitting a bid of $71.3 billion, topping Comcast’s $65B all-cash hostile offer. The Fox assets include the movie studio 20th Century Fox, TV production studio 20th Century Fox Television, Fox-owned cable networks such as FX and National Geographic, and a controlling stake in streaming service Hulu.