Comcast Drops Its Bid for 21St Century Fox

(From CNN)

Comcast announced Thursday that it will drop its pursuit of the 21st Century Fox assets that it was fighting over with Disney.

Comcast had bid $65 billion for Fox’s movie studio, which is responsible for franchises like “Avatar” and “X-Men,” along with Fox’s regional sports networks and cable channels like FX and National Geographic. Disney’s most recent bid was $71 billion.

The battle with Disney isn’t completely over: Comcast said Thursday it will continue to pursue its bid for British broadcaster Sky, which Disney is also trying to buy through Fox. Comcast has offered $34 billion for that company.

A Comcast takeover of Sky would deprive Fox, and thus Disney, of a major direct-to-consumer platform in Europe that Iger has described as a “crown jewel” of the Fox assets.. . .

The Murdochs will hold onto their broadcast, news and national sports programming, including Fox News, Fox Business and Fox Sports. The new company, known as “New Fox,” will be headed by Lachlan Murdoch.

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