Comcast to drop Fox bid and focus on Sky takeover

US cable giant Comcast has dropped plans to bid for Rupert Murdoch’s 21st Century Fox assets, announcing it will focus solely on a £26 billion takeover of UK broadcaster Sky.

In a statement released yesterday, Comcast said it does not intend to pursue the acquisition of Fox assets which it has already agreed to sell to Walt Disney.

Disney had raised its offer for Fox assets to £54.7bn, outpricing Comcast’s £50bn bid.

Comcast chairman and chief executive Brian Roberts congratulated Disney and Fox for creating “a desirable and respected company”. Sky shares closed down 1.5 per cent at 1,508.5p.

It is the latest twist in a takeover saga engulfing the UK broadcaster, which is facing a rival takeover offer from Fox. Comcast recently increased its offer for Sky to £26bn, just hours after Fox hiked its bid for the UK broadcaster to £24.5bn. All eyes are now on Fox to see if it will increase its offer for the 61 per cent of Sky that it does not already own.