The Presidential Daily Brief


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    Comcast Drops High-Stakes Bid for Fox

    Better luck next time. America’s largest cable TV company has bowed out of the running to acquire 21st Century Fox’s entertainment assets, allowing rival Disney to snatch them up for $71.3 billion. Comcast will continue its other bidding war against Fox for European pay TV network Sky, which Disney CEO Bob Iger has described as a “crown jewel.” And although Comcast was forced to concede defeat in the battle for Fox, its bid boosted Disney’s expenses by nearly $20 billion — potentially constraining future dealmaking.

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