Comcast drops Fox bid, paving way for sale to Disney
NEW YORK — Comcast is dropping its bid for Fox’s entertainment businesses, paving the way for Disney to boost its upcoming streaming service by buying the studios behind “The Simpsons” and X-Men.
Comcast can now focus on its pursuit of European pay-TV operator Sky, a deal that would give the Philadelphia-based cable and media company a larger presence outside the U.S.
The moves come as the media landscape is shifting dramatically. Cable and telecom companies are buying content makers to compete with popular streaming services such as Netflix and Amazon. AT&T bought Time Warner last month for $81 billion.
Comcast had been dueling with Disney for Twenty-First Century Fox, but Comcast said Thursday that it would not raise its $66 billion offer for Fox. The Walt Disney Co. had topped Comcast’s bid by offering $71 billion.