Comcast (CMCSA) - Get Report announced that it will no longer pursue a bid for 21st Century Fox (FOXA) - Get Report media assets, giving a win to Disney (DIS) - Get Report , which agreed to purchase numerous Fox movie and television assets for $71 billion.
However, Comcast did say that it will instead focus on pursuing Sky, the British broadcaster that Fox has been attempting to purchase full ownership of for years. In fact, Disney CEO Bob Iger has called Sky a "crown jewel" of his pursuit of Fox's assets, according to the Wall Street Journal.
"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," Comcast CEO Brian L. Roberts said in a statement.
Fox currently has a 39% stake in Sky, but has had to convince British regulators that it should be allowed to take a majority stake in the company. Regulators have said they wouldn't block a Fox acquisition as long as Sky News is sold off.
Comcast has a standing bid of $34 billion for Sky, or 14.75 pounds per share, 5% higher than Fox's most recent offer for the company.
Disney shares were up 1% premarket, Comcast shares were up nearly 3%, and Fox shares were down 1.3%.