Comcast Corp. dropped its $66 billion bid for Twenty-First Century Fox Inc.'s entertainment assets on Thursday but said it would still try to expand its international footprint by acquiring 61 percent of European broadcaster Sky PLC, the remainder of which is owned by Fox.
Comcast's withdrawal is a concession to Walt Disney Co., which last month sweetened its offer for the Fox assets to $71.3 billion, in a bid to unite two storied Hollywood studios and several television networks under one corporate umbrella.
Comcast's move de-escalates one of the media industry's most high-profile confrontations, which pitted Comcast Chief Executive Brian Roberts against Fox Executive Chairman Rupert Murdoch and Disney CEO Bob Iger. 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.
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