21st Century Fox has reportedly officially pulled out of the running to buy back their RSN assets from Disney.
According to a Sportsbusinessdaily.com report, Fox has declared an SEC filing that it “does not intend to bid” for any of the 22 channels that Disney is trying to sell.
“Fox confirms that it does not intend to bid for any of the Fox regional sports networks that Disney (or any entity operating on its behalf) may sell as required by the consent decree with the U.S. Department of Justice,” the website had quoted the excerpt from the declaration.
Fox was reported to be the frontrunner to acquire the RSN group assets. The new Fox will be focusing on high growth business. The report suggest that the Fox executive is considering the RSN properties as the slow growth assets.
The Rupert Murdoch-owned Fox has also lost their interest in the properties as Discovery has intensified the competition by overexposing the deal.
However, the news of the Fox withdrawal from the RSNs race, will affet the value of the properties put up for sale. Disney is reportedly expecting around $20 billion from the RSNs sales.
Big3 co-Founder Ice Cube, Apollo Global Management and Blackstone Group are reported to be among the companies interested in the RSNs business.
Regulators have said that Disney must sell the 22 RSNs within 90 days of the closing of its $71.3B acquisition of 21st Century Fox’ entertainment assets.