Comcast Bows Out Of Race For Fox

Comcast Bows Out Of Race For Fox

Comcast has pulled out of its pursuit to acquire the entertainment assets of 21st Century Fox, ceding the battle to Disney who looks to now have a clear run to take over Fox.

The company says in a statement: “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.” CEO Brian Roberts added: “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.”

Comcast is still bidding for Sky, which is 39% owned by Fox, with a reported $34 billion offer on the table.

Source: CNBC