Comcast has dropped its pursuit of a group of media assets owned by 21st Century Fox on which it was bidding against Walt Disney, and instead focus on its offer for European pay-TV group Sky. Shares of Comcast were up 2.2% in pre-market trade, while Fox fell 1%. Shares of Walt Disney were up marginally. "Comcast does not intend to pursue the acquisition of the 21st Century Fox assets further, and instead will focus on our recommended offer for Sky," the company said on Thursday. Disney fended off Comcast’s $66bn all-cash challenge to its deal for the Fox assets last month by sweetening its offer to $71bn in cash and stock. Time had run out for Comcast to come back with a new offer, with Fox shareholders scheduled to vote on the Disney deal on July 27. The cable operator will now focus on the $34bn offer to acquire 61% of Sky. Fox, which owns 39% of Sky, has also been seeking to acquire the majority stake. The fight for Sky is part of a bigger battle being waged in the entertainment ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now