American media giant, Comcast has scrapped its bid to acquire the entertainment assets of 21st Century Fox.

Comcast was competing with Disney for Fox’s film and television assets. However, it is now focussing its plan to oust Fox for Sky Plc, the owner of Sky News. Comcast has recently its offer for Sky to value the business at £26 billion, more than Rupert Murdoch’s Fox bid of £24.5 billion.

Disney has been in the forefront for Fox’s entertainment assets after bidding £54 billion, compared to Comcast’s £50 billion.