Comcast has dropped its bid in acquiring 21st Century Fox assets to focus on taking over the European satellite TV provider Sky.
“Comcast does not intend to pursue further the acquisition of the Twenty-First Century Fox assets and, instead, will focus on our recommended offer for Sky,” the company said in a statement Thursday.
The media companies decision came after investors and bondholders expressed concern over the ability to pursue an all-cash offer to outbid Disney.
With their decision to take the high road Disney now has a direct path to take control of the Murdoch family’s Fox assets.
21st Century Fox has now agreed to a $71.3 billion deal with Disney to take control over a bulk of their assets.
These assets include the 20th Century Fox film and TV studio, FX Networks, National Geographic Partners, and Fox’s 30% stake in Hulu.
“I’d like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company,” said Comcast chairman-CEO Brian Roberts in a statement Thursday.
The fight for Sky is still ongoing with Comcast, Disney and Fox holding stakes in the bid. The company who own NBC and Universal Studios alone has a 39% stake.
Now with the support of Disney, Fox is expected to make a higher bid to outrun Comcast.
The companies last bid came on July 11 at $34 billion.