Comcast pulls out of Fox race, clearing path for Disney
Comcast has announced that it was pulling out of the race to purchase Fox, clearing the path for Disney.
Comcast pulls out of Fox race, clearing path for Disney
Comcast’s withdrawal leaves Disney as the sole remaining suitor for Fox’s assets, which have been valued at in excess of $40bn and include subscription channels National Geographic and FX as well as its namesake movie studio.
Crucially Fox also owns the Star Network in India and has a stake in subscription satellite service Sky.
Announcing its withdrawal Comcast said: “When a set of assets like Fox’s becomes available, it is our responsibility to evaluate if there is a strategic fit that could benefit our company and our shareholders. That is what we tried to do and we are no longer engaged in the review of those assets. We never got the level of engagement needed to make a definitive offer.”
Murdoch is understood to favour a Disney takeover owing to the perceived more favourable attitude towards a takeover by competition authorities, while also coveting Disney stock to a greater degree than Comcast’s.
According to Reuters this could see a deal conclude as early as this month although both sides remain locked in negotiations at this stage. Comcast approached Fox just last month with its expression of interest in the business.