Comcast concedes to Disney in bidding war for Fox assets

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In the release, Comcast linked to its proposal to acquire Sky, indicating that it was focused on that acquisition now.

Comcast had been dueling with Disney for Twenty-First Century Fox, but Comcast said Thursday that it would not raise its $66 billion offer for Fox.

Be that as it may, Comcast's withdrawal means the pendulum has now swung in Disney's favor.

This opens up so many possibilities for Disney, but most fans are very excited at the idea of Fox's Marvel characters crossing over into the Marvel Cinematic Universe.

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Coming Soon reports that Comcast Corporation has announced in a statement that they are no longer attempting to purchase the assets of 21st Century Fox. In an separate statement, Comcast chairman-CEO Brian L. Roberts conceded the battle to Disney.

For Fox shareholders, they may enjoy seeing Comcast try, but for Fox employees...

The US cable giant said that it would now concentrate on attempting to buy the United Kingdom pay-TV broadcaster Sky instead.

Fox has made a $32.5 billion United States offer for the portion of Sky it doesn't own, but Disney said in an SEC filing on Friday that it might not raise its bid to compete with Comcast's offer.

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Department of Justice officials filed a motion on Wednesday requesting an accelerated timeline for its appeal of a judge's decision to approve a merger between AT&T and Time Warner. With Fox, Disney could add Marvel's X-Men and Deadpool, along with programs shown on such Fox channels as FX Networks and National Geographic. On CNBC, Disney's Iger said he was "extremely pleased with today's news". Fox shareholders are set to vote on Disney's offer July 27.

Fox now owns a 39 percent stake in Sky and has valued the remaining 61 percent of the company at $32.5 billion while Comcast has upped its offer to $34 billion for that stake. That also holds the prospect of boosting the cost of the overall Fox deal to Disney, as it intends to buy up all of Sky if the Murdochs prevail. That includes other worldwide properties, including the Star India satellite service.

Bernstein analysts have said Disney's debt pile could now hamper its ability to take on Comcast with a new bid for Sky, partly because it will need to invest even more to launch a successful direct-to-consumer streaming platform.

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