Advanced Television

Comcast drops Fox bid to concentrate on Sky

July 19, 2018

By Colin Mann

Comcast has announced that it does not intend to pursue further the acquisition of Twenty-First Century Fox’s entertainment assets — choosing instead to focus on beating 21CF to acquire Sky.

“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,” it said in a statement.

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

The decision means that Disney will be able go ahead with its offer of $71.3 billion for Fox’s entertainment properties, which include a 39 per cent stake in Sky.

On July 11th, 21st Century Fox increased its bid to buy the 61 per cent of Sky it does not already own in a deal that values the broadcaster at $32.5 billion, passing that of Comcast. Comcast raised its bid for Sky on July 12th, valuing the pay-TV giant at £26 billion and trumping Fox’s bid of £24.5 billion (€27.7bn, $32.4bn).

Comcast’s increased offer has been recommended by Sky’s independent committee of directors. It is now offering £14.75 a share for Sky compared with £14 from Fox.

Categories: Articles, Broadcast, Business, M&A, Pay TV