Comcast "pulled out of its pursuit of 21st Century Fox," turning its focus to "trumping Rupert Murdoch’s attempt to take full control of Sky," according to Mark Sweney of the London GUARDIAN. The U.S. media and cable company’s decision to "end its battle with Disney will make Murdoch’s long-held ambition of buying the 61% of Sky he does not already own a more difficult task." Last week, in a day of "bid and counterbid," Comcast tabled a £26B ($33.9B) offer to buy Sky, trumping Murdoch within hours of the media mogul making a new £24.5B ($31.9B) offer. Comcast Chair & CEO Brian Roberts said, "Comcast does not intend to pursue further the acquisition of the 21st Century Fox assets and, instead, will focus on our recommended offer for Sky." Sky’s share price fell 2% following Comcast’s news, "indicating investor fears that Murdoch might not now return with an improved bid" (GUARDIAN, 7/19). BLOOMBERG's Smith & Sakoui reported Disney "can now go ahead with its offer" of $71.3B for Fox’s properties, which include a 39% stake in Sky. While Comcast "is dropping its pursuit" of much of Murdoch’s empire, "it did force Disney to pay a higher price for the Fox assets, which also include a movie studio and cable networks FX and National Geographic." Comcast shares jumped 3% to $35.05 on Thursday in N.Y., a sign investors "are relieved the bidding contest over Fox is over." Disney gained 3% and Fox dropped 1.5% (BLOOMBERG, 7/19).
