Comcast is jumping after saying it's no longer pursuing Fox assets

Markets Insider

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  • Comcast is jumping after saying it’s not pursuing 21st Century Fox assets.
  • Instead, it will focus on winning another bidding between itself, Disney, and Fox, for British broadcaster Sky TV.
  • Watch Comcast trade in real time here.

Comcast shares are jumping as much as 3% to more than $US35 apiece Thursday, after the company said it will back out of what became an intense bidding war for 21st Century Fox assets.

Instead it will focus on yet another battle it’s in with 21st Century Fox and Disney over British broadcaster Sky.

21st Century Fox had agreed to sell many of its subsidiaries, excluding the Fox News and Fox Business channels. A series of competing bids came in from Disney and Comcast over the course of several months, with Disney ultimately winning out, giving the assets a valuation of $US71.3 billion.

“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,” Brian Roberts, Comcast’s CEO, said in a statement.”

Comcast’s latest bid for Sky TV was £26 billion ($US34 billion), a sweetened offer from the one before of £22 billion.

Comcast is down 14.49% this year.

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