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Comcast concedes to Disney in bidding war for Fox assets

Updated : July 19, 2018 11:43 PM IST

Comcast's withdrawal is a concession to Walt Disney Co, which last month sweetened its offer for the Fox assets to $71.3 billion, in a bid to unite two storied Hollywood studios and several television networks under one corporate umbrella.
Shares of Comcast, the largest US cable company, rose 2.7 percent as investors were relieved the company did not try to outbid Disney further. Disney shares were up 1.6 percent.
The bidding between Comcast and Disney is part of a bigger battle in the entertainment industry as media giants splash out tens of billions of dollars on deals to be able to compete with Netflix Inc and Amazon.com Inc.
Comcast concedes to Disney in bidding war for Fox assets
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