Comcast Drops Their Bid For 21st Century Fox Acquisition

07.20.2018 Industry

Media giant Comcast Corp. announced today the drop of their bid in the pursuit of 21st Century Fox’s entertainment holdings. This announcement assumingely gives the contender in the same pursuit, Walt Disney Co., the green light in the acquisition.

“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,” the company said in a statement Thursday.

This comes after Disney upped their bid price to $71.3 billion, about $6 billion more than Comcast’s recent bid. IF the acquisition goes through, a combined Disney Buena Vista and 21st Century Fox would represent 40 percent of the top 15 highest-grossing movies in the U.S. and 31 percent of total domestic box office revenue, according to 2017 figures by Box Office Mojo. Disney would then own Fox’s movie and television studios, the cable networks FX and National Geographic, and a percentage of Sky. The bid does not include Fox News or broadcast network, local TV stations or any sports network.

The official vote for the proposal will be announced on July 27.

Chief executive of Comcast, Brian L. Roberts, conceded to Disney’s chief executive Robert A. Iger stating, “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.”

With no other competition ahead, let’s see if this merger goes through successfully.

Author of the Article: Adriana Alcala

Adriana is a contributing writer at Parlay Studios as well as a yoga instructor in the New Jersey and New York area. In her spare time, she enjoys to edit B-like footage and creating abstract montage pieces.

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