Shares of Walt Disney Co. closed up more than 1 percent Thursday after Comcast Corp. pulled out of a bidding war for the media assets of 21st Century Fox.
The move by the Philadelphia cable operator opens the way for the Burbank entertainment and media giant to add to its extensive holdings.
In December, Disney first offered Fox $52 billion in stock for the assets, which include Fox’s movie and television studios, cable channels and Sky television service in Europe along with a controlling stake in streaming service Hulu. Comcast came back last month with a $65 million offer, which led Disney to up its bid to a combined cash and stock offer of $71.3 billion.
Fox shareholders will vote on the deal July 27.
Disney Chief Executive Bob Iger said he was “extremely pleased” with Comcast’s announcement.
“Our focus now is on completing the regulatory process and ultimately moving toward integrating our businesses,” he said in a statement, according to the Associated Press.
Shares in Disney (DIS) closed up $1.44, or 1.3 percent, to $112.13 on the New York Stock Exchange.