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Comcast Has Offically Conceded To Disney, Backing Out of Fox Deal

Today, Brian L. Roberts, Chairman, and CEO of Comcast have announced that Comcast would no longer pursue their bid for Fox and congratulated Disney and Bob Iger on their future acquisition of 21st Century Fox.

“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,” Comcast CEO Brian Roberts 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.”

Disney was able to fend off Comcast’s $66 Billion all-cash offer by sweetening the pot with their $71 Billion cash and stock offer.

Comcast will now be seeking to acquire 61 percent of Sky. Comcast already has a $34 Billion offer for Sky.

The Sky buyout is part of a bigger battle in the entertainment industry. Fox is already a shareholder owning 39 percent of Sky, and they have already been trying to acquire a majority stake in Sky. Companies are putting in their all with these battles in hopes they will be able to compete against companies like Amazon and Netflix.

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