"Ultimately, we pulled back because we thought that we couldn't build enough shareholder value by making the price at which it seemed, in our judgment, to be possible to buy that, which was increasing", the exec said on Comcast's second-quarter earnings conference call in response to an analyst question.
The bidding between Comcast and Disney was part of a bigger battle in the entertainment industry as media companies spend tens of billions of dollars on deals to compete with Netflix and Amazon.
Walt Disney and 21st Century Fox shareholders on Friday voted in favor of their $71.3 billion deal, in which Disney will acquire large parts of Fox, including the 20th Century Fox film and TV studio, Fox's entertainment cable networks and its worldwide assets.
With the deal wrapped up, Disney will take over ownership of Fox's Twentieth Century Fox film and TV studios, as well as certain cable and worldwide television businesses, according to the companies' joint merger proposal to shareholders. Even more positive news came for Disney when Comcast, another company vying for the Fox assets, dropped out of the deal, giving Disney a clear path to global domin - errrr - victory. According to a report via Deadline, Disney claims 99% of their shareholders approved of the merger that would find the House of Mouse controlling Fox's film and television library, gaining them access to countless media properties.
Anyone telling you DISNEY is cancelling Fox movies is lying to you.
The deal also includes Fox's collection of regional sports networks, first thought to be some of the most valuable assets in the deal.
The deal means that blockbuster properties, such as the Disney-owned, Marvel X-Men and Avengers franchises and 21st Century Fox's Deadpool and Avatar, will be united under one umbrella. As a result, current 21st Century Fox stockholders will own a 17-20% stake in New Disney on a pro forma basis.
Scroll down to see how fans are reacting to the deal officially going through between the two companies!
Fox plans to spin off its news and sports channels, including its flagship Fox News channel, into a newly listed company. Disney is a Dow 30 company and had annual revenues of $55.1 billion in its Fiscal Year 2017.