US: Comcast drops Fox bid; Disney is top dog

Comcast will not pursue an acquisition of a suite of entertainment assets from 21st Century Fox (Fox), leaving The Walt Disney Company in the clear to complete a deal.

Comcast was one of a few companies with the scale to buy the available Fox assets, but has confirmed it is not moving forwards with a bid.

“When a set of assets like Fox’s becomes available, it is our responsibility to evaluate if there is a strategic fit that could benefit our company and our shareholders,” said Comcast in a statement on December 11.

“That is what we tried to do and we are no longer engaged in the review of those assets. We never got the level of engagement needed to make a definitive offer.”

Disney, which has been the frontrunner since news leaked the Murdoch family may offload some of its Fox assets, now looks odds-on to complete an agreement that has an estimated value of around US$68 billion.

On the table are the Fox TV and movie studio, Fox 21 Television Studios, the FX and National Geographic cable operations, international Fox-owned channels, a 39% stake in pay TV operator Sky and ownership of Star India.

Full Content: Wall Street Journal

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