Fox executives rejected Comcast's bid, which was 16% higher than Disney's, because they believed that the chances of regulatory approval were better for Disney. In addition, the Disney deal would turn Fox shareholders, including Murdoch and his family, into Disney shareholders. The Murdoch family would become one of Disney's largest individual shareholders, with about 5% of the company's stock.

Source: Los Angeles Times May 23, 2018 13:58 UTC