Comcast shares rise as it withdraws Fox bid to focus on pursuit of Sky

Comcast shares are higher Thursday after it announced the end of its pursuit of Fox assets, while turning all its attention to its recommended Sky offer.

Comcast shares rise as it withdraws Fox bid to focus on pursuit of Sky

Comcast shares are trading higher Thursday, as the US media company has issued a statement detailing its plans to end its pursuit of 21st Century Fox assets. Comcast said it now plans to focus on the potential purchase of the UK’s Sky PLC.

By 1700 BST, Comcast shares were 3.32% higher at $35.17. Disney shares were up 3.28% at $114.32, while 21st Century Fox shares were 1.50% lower at $45.98. Meanwhile, Sky shares ended the UK trading day 1.47% lower at £1,508.50.

Comcast ends Disney bidding

Comcast said Thursday, that it has decided to end its bidding process for the Fox assets that the Walt Disney Company is also bidding for. It congratulated the Murdoch family for its success with Fox as a media firm.

The company confirmed it would now turn all of its attention to securing UK media firm, Sky PLC.

“Comcast does not intend to pursue further the acquisition of the Twenty-First Century Fox assets and, instead, will focus on our recommended offer for Sky,” the US media firm said in a statement.

“I’d like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company,” Comcast Chairman and CEO, Brian L. Roberts said.

Sky recommends acceptance of improved Comcast offer

Comcast had previously made two counter offers for the Fox assets Disney had also bid for. However, Disney last week increased its offer for Fox to $71 billion, which was more than the $65 billion Comcast had previously offered.

Comcast is currently the highest bidder for Sky after it offered £26 billion last week, above Fox’s increased offer of £24.5 billion.

Sky recommended its shareholders accept the increased Comcast offer.

“The Sky Independent Committee, which has been so advised by Morgan Stanley, PJT Partners and Barclays as to the financial terms of the Offer, considers the terms of the Offer to be fair and reasonable,” Deputy Chairman of the Sky PLC board of directors, Martin Gilbert said.

“The Sky Independent Committee unanimously recommends that Sky Shareholders accept the Offer,” he added.

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