Comcast has announced that they’ve withdrawn their bid to acquire 21st Century Fox.

Back in June, Comcast had offered to acquire Fox for $65 billion USD in cash to try and outbid Disney. But soon after, Disney raised their offer to $71.3 billion USD.

“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.

You can find out more information on Comcast’s bid for Sky, here.

Brian L. Roberts, Chairman and CEO, Comcast Corporation, 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.”

In response, Disney CEO, Bob Iger said, “Our incredible enthusiasm for this acquisition and the value it will create has continued to grow as we’ve come to know 21st Century Fox’s stellar array of talent and assets. We’re extremely pleased with today’s news, and our focus now is on completing the regulatory process and ultimately moving toward integrating our businesses.”

Source: Comcast via Deadline

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s