Comcast drops bid for 21st Century Fox, clearing way for Disney

Comcast has dropped its bid to buy 21st Century Fox, leaving Disney likely to acquire the company. A Disney-Comcast bidding war launched in December, when Disney offered $52.4 billion for Fox. Comcast countered with $65 billion in June, and Disney offered $71.3 billion a few days later. The U.S. Justice Department approved a Disney-Fox merger, provided Fox's sports networks aren't included because Disney already owns ESPN. Fox's shareholders will vote to accept Disney's bid on July 27th. Its film and TV studios, as well as its cable channels, will go to Disney, while Fox News, Fox Sports, and local TV channels will be spun off into a new company.

Source: The Associated Press, CNN

Editor's Note:
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