Comcast Bows Out of Deal for Fox

Comcast has ended its quest for major shares of 21st Century Fox, according to The Hollywood Reporter.

The decision follows the Walt Disney Company’s submission of a $71.3 billion bid on June 20.

The company will instead focus on its application for European pay-TV company Sky, which it recently submitted a $34 billion offer for. The bid topped an increased offer from Fox, which currently owns 39 percent of Sky.

Shareholders of Disney and Fox will vote on the deal on July 27.