In a battle among media giants for control of Twenty-First Century Fox's entertainment business, Comcast has blinked.
The cable and media company said Thursday that it is dropping its bid, instead focusing on its pursuit of the European pay-TV operator Sky. Fox owns 39 percent of Sky and has also been trying to buy the 61 percent it doesn't own.
Comcast had been fiercely dueling with Disney for Twenty-First Century Fox assets, but on Thursday said that it would not raise its $66 billion offer for the company.
The withdrawal leaves the path open for The Walt Disney Co. to buy the Twenty-First Century Fox assets with its latest offer of $71 billion. The Department of Justice has okayed Disney's bid as long as it sells 22 regional sports networks. Fox shareholders are set to vote on Disney's offer July 27.
"This was the final chapter in this soap opera," said GBH Insights analyst Daniel Ives. "Now the laser focus for (Comcast CEO Brian( Roberts and Comcast is the battle royale for Sky assets to build a strong beachhead content strategy in Europe."
Last week Comcast boosted its offer for European pay TV service Sky to $34 billion. Sky operates in Austria, Germany, Ireland and Italy as well as the U.K. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and "Game of Thrones."
Fox has made a $32.5 billion offer for the portion of Sky it doesn't own, but Disney said in an SEC filing on Friday that it might not raise its bid to compete with Comcast's offer.
"Twenty-First Century Fox may elect not to increase the price offered by it in the Sky acquisition and any increase in the debt financing for the Sky acquisition would require Disney's consent, which Disney may elect not to provide," Disney said in the filing.
Comcast Corp. and Fox have been battling for Fox and Sky in order to amass more programming as they compete for viewers with both traditional TV networks and technology companies such as Netflix and Amazon.
Comcast's stock rose more than 2.5 percent in Thursday premarket trading. Shares of Disney climbed 1.2 percent, while Fox's stock dipped 1 percent before the opening bell.
Angelina Jolie To Receive Gothams Performer Tribute For “Marie”
The Gotham Film & Media Institute has announced that Academy Award®-winner Angelina Jolie will receive the Performer Tribute for her performance as Maria Callas in Pablo Larrain’s upcoming film Maria, at the 34th edition of The Gothams, taking place on Monday, December 2, at Cipriani Wall Street in New York City. The tribute will honor Jolie’s rendition of legendary opera singer Callas.
“Like the legendary figure she portrays, Angelina Jolie transcends mere performance to craft something extraordinary. Her interpretation captures both Maria Callas’ complexity as an artist and the cultural resonance that defines an icon,” said Jeffrey Sharp, executive director of The Gotham. “We are thrilled to celebrate what is truly one of Ms. Jolie’s career-defining performances in the final installment of Pablo Larrain’s magnificent trilogy.”
Maria follows Callas, one of the most iconic performers of the 20th century, as she retreats to Paris after a glamorous and tumultuous life in the public eye. The film reimagines the legendary soprano in her final days as the diva reckons with her identity and life. Written by Steven Knight, with cinematography by Ed Lachman and costumes by Massimo Cantini Parrini, Maria has Jolie joined by a star-studded cast including Alba Rohrwacher (Hungry Hearts, Happy As Lazzaro), Pierfrancesco Favino (Padrenostro, Adagio), Kodi Smit-McPhee (The Power of the Dog, Dolemite Is My Name), and Valeria Golino (For Your Love, The Beautiful Game). Marie premiered to critical acclaim at the Venice Film Festival and Jolie’s performance continues to stun audiences at the New York Film Festival, London Film Festival and the AFI Fest. Maria will be in... Read More