Comcast To Abandon Fox Bid & Focus On Buying Sky

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In the battle to acquire 21st Century Fox’s film and television assets, one side has decided to graciously bow out.

CBNC has learned from exclusive sources that Comcast has decided to abandon its pursuit of the Fox assets. Sources told CNBC’s Faber that Comcast is focused on its bidding for Sky.

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The government’s decision to appeal a recent court ruling allowing AT&T to go ahead with its purchase of Time Warner may be giving Comcast reason to pause in its pursuit of the Fox assets. The government had tried to block the AT&T deal on competitive grounds. There is also a belief that Rupert Murdoch, Fox’s executive co-chairman whose family has a nearly 39 percent stake in Twenty-First Century Fox Class B shares, favors a deal with Disney.

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Although the Justice Department has approved the bid by Disney, recently, some Fox shareholders filed a lawsuit to halt the completion of the deal.

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Written by Collier Jennings