Introducing the champions of the most back-and-forth bid war EVER: Disney!
In case you have been oblivious to the drama that has been sweeping the entertainment scene for the past couple of months, Disney and Comcast have been in the middle of an all-out tug-of-war for Twenty-First Century Fox (21CF) assets. The latest reports from CNNMoney show Comcast waving a white flag and calling it quits on its bid offer.
Let’s back it up a bit. It all started back in December when 21CF agreed to sell the big D most of its assets, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses. Comcast thought they were pulling one over Mickey, and offered an all-cash bid for $60 billion for the assets that Disney was set to acquire. Disney was not about that life, and decided to one-up Comcast by upping its bid to a whopping $71.3 billion.
After a valiant effort, Comcast recently surrendered its pursuit for 21CF, marking the end of the drama. Or so we thought.
According to reports, Comcast will continue to pursue its bid for the British broadcaster Sky, which Disney is also trying to buy through Fox. Sky has a direct-to-consumer relationship with 23 million paying subscribers across five European countries. Comcast offered $34 billion for Sky.
It’s to be continued, but the Sky is the limit.