Comcast has dropped out of its bidding war with Disney over a large portion of the Fox network, a crown jewel in Rupert Murdoch’s media empire.
Originally making a bid of $65 billon, Comcast had hoped to acquire Fox’s film studio, responsible for titles including Titanic and Avatar.
Cementing a deal with Fox became difficult for Comcast, after the multi-billion-dollar company Disney also submitted a bid for the network. This prompted a bidding war between the two telecommunications companies, which resulted in Disney offering a staggering $71 billion bid for the network.
Many Marvel fans may be happy at the news, due to the fact that Disney will now reclaim the rights to both the X-men and Fantastic Four franchises.
The selling of Fox became an option for the Murdochs, as they aim to simplify and streamline their media networks, but also comes amid some decline in revenue at Fox in recent years.
Despite this, Comcast have said they are still looking to acquire Sky, a broadcasting company based in the UK, which Disney is also trying to buy through Fox.
A main presence of the Fox network in Europe, Sky offers a direct-to-consumer door into the continent for both Comcast and Disney.
In a move to acquire Sky, Comcast have bid around $34 billion.
By Kyle Arthur
Images provided by Comcast