Comcast Bows Out of Fox Sweepstakes
Comcast said it is officially out of the running for 21st Century Fox assets, a development that signals a deal may be close with Disney.
The Philadelphia-based cable giant had expressed interest in acquiring some of Fox’s film and television assets — particularly the holdings that would expand its global reach, including India’s Star TV and the British satellite TV provider Sky.
“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,” Comcast said in a statement published by Reuters. “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.”
Comcast quickly leaped to action this fall, amid reports that talks between Disney and Fox had broken down over price. Other players similarly expressed interest, including Verizon and Sony Pictures.
Once Disney returned to the bargaining table, it emerged as the favored partner — perhaps because of regulatory considerations, according to a person familiar with the matter. A potential Comcast-Fox deal would represent the kind of integration of content and distribution that moved the Justice Department to sue to block a planned merger of AT&T and Time Warner, citing anti-competitive concerns.
A Fox spokesperson declined comment.
The Wall Street Journal was the first to report Comcast would no longer pursue the deal.
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