Comcast: drops bid for Twenty-First Century Fox assets

(CercleFinance.com) - Comcast has dropped plans to purchase the assets that Twenty-First Century Fox has agreed to sell to Disney, the US media company said on Thursday.


"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," the company said in a statement.

Last month Disney raised its offer to acquire Twenty-First Century Fox to 71 billion dollars, outbidding Comcast's cash bid worth 65 billion dollars.

But, last week, Comcast increased its cash offer for the entire share capital of British broadcaster Sky to 14.75 pounds per share, implying a total value of 34 billion dollars.

Comcast said it has long admired Sky and believes it is an "outstanding company" and a "great fit". As a reminder, 21st Century Fox owns 39.1% of Sky.

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