UPDATE December 5th 2017: Last week we heard that Disney was back in talks to buy…
It’s finally official, after months of back and forth, Comcast has ended the bidding war with Disney for the 21st Century assets leaving a clear path for Disney to take control. Comcast announced the decision today in a corporate release saying that they “do 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 was obvious they saw the writing on the wall after already overextending themselves with their final $65 billion all-cash offer. The Justice Department has already approved Disney’s acquisition of Fox and Fox has a shareholders meeting July 27 for the final approval, but it should be pretty much smooth sailing from here unless something drastic happens.
Comcast executives were gracious about the loss: “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.”
As stated Comcast is now going to focus on acquiring the satellite company Sky which they will again go head-to-head with Fox/Disney over. Fox just recently made an offer of $32.5 billion and Comcast countered at $34 billion. It’s unknown if Fox will continue to go higher.
This is also great news for super hero fans and I’m sure Kevin Feige is now salivating that the X-Men are finally coming home to Marvel Studios. Soon he will be able to green light all the scenarios he’s imagined up for Phase 4 and beyond.
Just because this is good news for Disney don’t expect that to mean the acquisition to be finished tomorrow, everything likely won’t be completed until next Spring/Summer but there shouldn’t be any more hang ups.
I want to know what you think about Comcast ending the bidding war for 21st Century Fox
- Are you happy about it?
- Which part of the acquisition are you most excited bout?
Let us know in the comments section below!
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News Source: Comcast