Comcast bows out of Fox deal, thus ceding victory to Disney

Comcat is still trying to expand its international footprint by acquiring 61% of European broadcaster Sky

However, it still leaves the two companies competing to expand in Europe via a bidding war for Sky, which is 39-percent owned by Fox.

In another statement, Comcast chairman and CEO Brian Roberts said, "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".

As The Walt Disney Co. celebrates the end of its costly bidding war with Comcast Corp. over 21st Century Fox, attention shifts to a secondary front across the Atlantic. The DOJ's approval of the Fox/Disney deal requires Disney to divest Fox-owned regional sports networks.

Comcast chief executive Brian Roberts
Comcast chief executive Brian Roberts

Sky's independent committee has recommended that shareholders accept Comcast's offer, a further blow to Mr Murdoch.

Iger has also said more persuasively that Disney's acquisition would likely move through regulatory oversight more quickly and smoothly than Comcast, which is a bigger media corporation, and like Disney already owns one movie studio (Universal Pictures). On CNBC, Disney's Iger said he was "extremely pleased with today's news".

Disney will acquire networks including FX and National Geographic, and global assets including Star India's TV channels as well as the Fox stake in Sky in the deal. A sale means the X-Men and the Avengers could reunite in future movies.

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We wondered how far this race would last, we need wonder no more as Comcast have officially pulled out of the deal to acquire Fox.

The cable provider said it would instead focus on its fight with Fox for the British broadcaster Sky. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and "Game of Thrones".

Fox has been trying to buy the 61 percent of Sky it doesn't already own. As Disney is scheduled to launch its own streaming service to compete with Netflix and Hulu next year-even though this deal would potentially give Disney almost a one-third stake in Hulu-the value of that content can not be overstated, even from the Mouse House's coffers.

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Last week Comcast boosted its offer for European pay TV service Sky to $34 billion after Twenty-First Century Fox increased its bid to $32.5 billion.

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