By Peter Gleason
Comcast has finally admitted what everyone else knew a while ago:
Disney Corp. will buy a big chunk of the assets of 21st Century Fox, and it will completely focus on winning control of the British satellite broadcaster Sky, a move that ended a complex bidding war for Rupert Murdoch’s media company.
In a statement issued late yesterday, Comcast said it “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 had been locked in a battle with the Walt Disney Company for the bulk of the Fox empire, with the cable company submitting a $65 billion offer for the assets last month.
But Disney brushed back Comcast’s offer with a higher bid of $71.3 billion, which Murdoch and his board quickly accepted. Shareholders for both Disney and Fox will vote on the proposed merger on July 27.