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    Comcast Drops Out Of Bidding, Clearing Path For Disney To Buy Fox

    By SHOOTUpdated:No Comments2506 Views
    This June 14, 2018, file photo shows the 21st Century Fox logo outside its New York office. Comcast says it’s dropping out of the bidding war for Twenty-First Century Fox’s entertainment business, instead focusing on its bid for Sky.(AP Photo/Mark Lennihan, File)
    NEW YORK (AP) --

    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.

    Category:News
    Tags:ComcastDisneyTwenty-First Century Fox



    “Sonic the Hedgehog 3” Tops Weekend Box Office

    Sunday, December 22, 2024

    In the holiday season battle of big-budget family movies, Paramount Pictures' "Sonic the Hedgehog 3" sped past the Walt Disney Co.'s "Mufasa: The Lion King" to take the top spot at the box office ahead of the lucrative Christmas corridor in theaters.

    "Sonic the Hedgehog 3" debuted with $62 million in ticket sales over the weekend, according to studio estimates. With strong reviews (86% fresh on Rotten Tomatoes) and a high score from audiences (an "A" on CinemaScore), "Sonic 3" is well positioned to be the top choice in cinemas during the busiest moviegoing period of the year.

    It was telling of some wider trends that "Sonic 3" — made for $122 million — bested one of Disney's top properties. Videogame adaptations, once among the most derided movie genres, have emerged as one of the most dependable box office forces in recent years. The two previous "Sonic" movies together grossed more $700 million worldwide and the third installment appears likely to do better than both of them. A fourth "Sonic" movie is already in development.

    "Mufasa," however, was humbled in its opening weekend, with its $35 million in domestic ticket sales coming in notably shy of expectations . The photorealistic "Lion King" prequel even opened wider than "Sonic 3," launching on 4,100 theaters and gobbling up most IMAX screens, compared with 3,761 locations for "Sonic 3."

    Though "Mufasa's" reviews were poor (56% fresh on Rotten Tomatoes), audiences gave it an "A-" CinemaScore.

    "Sonic 3" nearly doubled the haul for "Mufasa," which cost more than $200 million to make. Disney could look to $87.2 million in international sales to help make up the difference. The third "Sonic" will rollout in most overseas markets in the coming weeks.

    In director Jeff... Read More

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