Sky Will Be the Last Act in Disney-Comcast Drama


Shares of Comcast were up 2.2 percent in premarket trade, while Fox fell 1 percent.

Comcast had also been involved in a bidding war against Disney for Fox, last month tabling a hostile all-cash $65bn bid that topped Disney's first offer.

Comcast had been dueling with Disney for Twenty-First Century Fox, but Comcast said Thursday that it would not raise its $66 billion offer for Fox.

"We're extremely pleased with today's news, and our focus now is on completing the regulatory process and ultimately moving toward integrating our businesses".

Disney's announcement of its purchase of 21st Century Fox happened in December, after weeks of rumors.

Fox shareholders are to vote on the Disney deal on July 27.

The victory arrived at a steeper cost: Disney raised its bid from an initial $52 billion in an all-stock deal to $71 billion, which includes cash. As Disney already owns the ABC Television Network, ABC News and a cluster of major ABC-affiliated stations, the acquisition did not include the comparable holdings of Fox.

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Last week Comcast boosted its offer for European pay TV service Sky to $34 billion US.

Are you excited for Disney to finally acquire Fox? The company is still looking to purchase global broadcaster Sky.

"Our view is that probably there is less chance of Fox/Disney coming back with an increased offer for Sky given that Comcast would have more available firepower", said Liberum analyst Ian Whittaker.

That doesn't mean Comcast is done trying to buy media properties, however.

Nevertheless, Sky shares ended trading at 15.09 pounds on Thursday, above Comcast's 14.75-pound-per-share offer, as investors continued to bet on a better deal.

However, smaller media companies could become acquisition targets. Now the way is clear for Disney to own X-MEN, DEADPOOL, networks like National Geographic and FX, as well as Fox's 30% stake in Hulu, giving Disney a controlling 60% stake. The department filed its appeal against U.S. District Judge Richard Leon's decision to OK the $85.4 billion merger last week, despite Leon stating he didn't believe the government had "a likelihood of success" on merit of appeal.