Comcast admits defeat in bidding war for Fox, clearing path for Disney

Screen Shot 2018 07 19

In a statement obtained by Variety, Comcast said they will focus on another pending acquisition and congratulates Disney and Fox on their deal. Then Comcast attempted to top the bid with their own $65 billion offer in cash.

The next major date in Disney and Comcast's media standoff is July 27th, when Sky shareholders vote on whether to sell to either Fox or Comcast. Shares of Disney climbed 1.2 percent, while Fox's stock dipped 1 percent before the opening bell.

For one of Fox's assets though, the battle has only just begun. The Department of Justice has okayed Disney's bid as long as it sells 22 regional sports networks. Oh, and there might be some superheroes in there too, somewhere...

Despite the emphasis on the consumer, this seems to be a whole lot more important to the content creators, or at least the board members and executives they answer to.

Comcast is abandoning its attempt to purchase 21st Century Fox properties, the cable company announced today. As Disney is scheduled to launch its own streaming service to compete with Netflix and Hulu next year-even though this deal would potentially give Disney almost a one-third stake in Hulu-the value of that content can not be overstated, even from the Mouse House's coffers.

Brian Faber of CNBC was the first to reveal the news to Walt Disney Company CEO Bob Iger when he called for comment on Thursday, who responded by saying: 'Holy crap!'

This opens up so many possibilities for Disney, but most fans are very excited at the idea of Fox's Marvel characters crossing over into the Marvel Cinematic Universe.

Murdoch also seemingly benefitted from President Trump's admiration; with the Disney merger sailing through most anti-trust reviews in a breathtaking six months.

AT&T bought Time Warner last month for $81 billion and has already launched its own streaming service, Watch TV, with Time Warner channels such as TBS and TNT, among other networks, for $15 a month. At the same time, the two media giants have been aiming to take control of Sky, the British-based pay-T.V. operator in which Fox holds a 39 percent stake.

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