Comcast Drops Fox Bid To Focus on Sky

CBJ — Comcast has abandoned its $66 billion bid for Twenty-First Century Fox entertainment assets and will instead focus its full attention on acquiring European broadcaster Sky PLC.

The withdrawal by Comcast firmly puts Disney in the driver’s seat to acquire Fox. As it was, Disney had the largest offer at $71 billion, but it was assumed Comcast was going to counter that offer with a bid somewhere in the neighborhood of $75 billion.

There is still a potential bidding war for Sky, which is 39% owned by Fox. Fox has also made an offer for the 61% of Sky it does not own, although Comcast is currently the highest bidder at $34 billion for the London-listed pay TV group.