Comcast, the cable provider that attempted to snatch Twenty-First Century Fox’s movie and television assets from would-be buyer Walt Disney Co., has abandoned the bidding war it started.
The Philadelphia-based cable company will focus instead on acquiring European telecommunications firm Sky plc, of which Fox owns 39 percent.
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“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 Chief Executive Officer Brian Roberts said in a statement.
Disney made an all-stock offer of $52.4 billion for Fox’s assets last year, which Comcast topped with a $65 billion all-cash bid when the U.S. government lost a court battle to block a separate content deal between AT&T and Time Warner. Disney responded with a cash-and-stock proposal of $71 billion, landing a deal that would widen its arsenal of premium content, which includes the Marvel “Avengers” franchise, with Fox-owned Marvel assets like X-Men.
Disney also gains access to regional sports networks and Fox’s 30 percent stake in Hulu, of which it already owns about a third. Media firms have been racing to expand content offerings since Netflix emerged as a leading provider, with plans for up to $8 billion in original movies and shows this year alone.
Telecommunications giant AT&T completed its takeover $85 billion takeover of Time Warner, gaining control of CNN and HBO, shortly after a federal judge ruled in June that the deal didn’t violate anti-competition laws. The Justice Department has since decided to appeal.
