US: Comcast will not raise Fox bid but instead will focus on Sky

Comcast is reportedly unlikely to increase its US$65 billion bid for 21st Century Fox. CNBC reported Comcast won’t match Disney’s increased US$71.3 billion offer for Fox’s assets. Disney had to increase its bid after Comcast made its all-cash offer for Fox last month.

Comcast is now reportedly focused on acquiring Britain’s Sky instead, of which Fox owns 39%. Currently, Comcast and Fox find themselves in a tight bidding war for Sky, with Fox offering US$32.5 billion for the portion of the company it doesn’t own. Meanwhile, Comcast has recently bid US$34 billion.

The US government’s decision to appeal a recent court ruling allowing AT&T to go ahead with its purchase of Time Warner may be giving Comcast reason to pause in its pursuit of the Fox assets, Faber said Monday, July 16, on CNBC. The government had tried to block the AT&T deal on competitive grounds.

There is also a belief, CNBC’s David Faber said, that Rupert Murdoch, Fox’s executive co-chairman whose family has a nearly 39% stake in Twenty-First Century Fox Class B shares, favors a deal with Disney.

Full Content: CNBC

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