Comcast Officially Bows Out of Battling Disney for Fox and Will Instead Focus on Sky

CEO Brian Roberts won’t counter Disney’s $71.3 billion bid

Comcast has conceded defeat in its efforts to outbid Disney for 21st Century Fox.

This morning, the company announced it is bowing out of the battle for Fox, and will instead focus its efforts on securing 61 percent of European media giant Sky.

“Comcast does not intend to pursue further the acquisition of the 21st Century Fox assets and, instead, will focus on our recommended offer for Sky,” Comcast said in a statement.

Chairman and CEO Brian Roberts tipped his hat to Disney in a statement of his own: “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.”

UPDATE:

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