Acquisitions Disney News

Comcast withdraws bid to acquire 21st Century Fox

Comcast has announced that they’ve withdrawn their bid to acquire 21st Century Fox.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

By Sachin Bahal

Sachin is a talented and versatile writer with a passion for technology and loves to write about gaming, entertainment, tech and more. He started TheCanadianTechie back in 2012 to become the ultimate, independent source for tech enthusiasts or “techies”.

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