"Comcast does not intend to pursue any further acquisition of the assets of Twenty-First Century Fox and will instead focus on the recommended offer for Sky." This was announced by the American communications giant.
Comcast's decision paves the way for Walt Disney, who last month obtained the go-ahead from the US Justice Department for the deal with Fox, on condition that he gets rid of 22 regional sports networks.
Disney, however, had improved its offer for the assets of Fox reaching 71 billion dollars in cash and stock, exceeding Comcast's $66 billion cash offer. At that point, Comcast was cornered and didn't have time to finalize a new offer, as Fox shareholders put Disney's proposal to a vote on July 27.
Comcast will now focus on the 34 billion dollar offer presented to acquire 61% of Sky, a front that sees it engaged in a tug of war with Fox. The latter already controls 39% of British pay-TV, but would like to consolidate its position by acquiring a majority stake.
These consolidation efforts come at a time when the entertainment industry is grappling with the growing success of Netflix and Amazon, and streaming services more broadly.
