Comcast has abandoned its bid for 21st Century Fox and said it will instead focus on acquiring European pay-TV provider Sky. The company confirmed the plans in a statement, congratulating Disney on winning the bidding for the Fox assets.
The news follows Fox agreeing to a higher bid from Disney in late June, as well as the US government's attempt to block another vertical merger in the sector, between AT&T and Time Warner. Meanwhile, Comcast has made the highest bid for Sky and secured regulatory clearance, suggesting it has a greater chance of winning that battle. It will be up to Sky's shareholders whether to back Comcast's bid or the lower offer from 21st Century Fox, which already owns 39 percent of Sky.
