Stockbroking | Wealth Management | Corporate Advice

x

Resizing text on the web

To increase or decrease the magnification of a web page, press Ctrl and '+' (plus) to zoom in or Ctrl and '-' (minus) to zoom out. To return the page to its original size, press Ctrl + 0.

You can also scroll the mouse wheel up and down while holding Ctrl to increase/decrease zoom level.

Comcast drops Fox bid to focus on Sky

Comcast has dropped out of the bidding war for Twenty-First Century Fox's entertainment business, saying it will instead focus on its pursuit of the European pay-TV operator Sky.

Comcast had offered nearly $US66 billion ($A90 billion) for Fox.

The withdrawal leaves the path open for The Walt Disney Co to buy the Twenty-First Century Fox assets with its $US71 billion offer. The Department of Justice has okayed Disney's bid as long as it sells 22 regional sports networks. Fox shareholders are set to vote on Disney's offer on July 27.

Last week Comcast boosted its offer for European pay TV service Sky to $US34 billion after Twenty-First Century Fox increased its bid to $US32.5 billion. Sky operates in Austria, Germany, Ireland and Italy as well as the UK It has 22.5 million customers, attracted by offerings such as English Premier League soccer and Game of Thrones.

Both Comcast and Fox want Sky in order to amass more programming as they compete for viewers with both traditional TV networks and technology companies such as Netflix and Amazon.

Austrlaian Associated PressBack to Breaking News

Market Indices