US cable operator Comcast announced today that it was abandoning its $66 billion hostile bid for Walt Disney.
'We have always been disciplined in our approach to acquisitions,' Comcast president and chief executive Brian Roberts said in a statement.
'Being disciplined means knowing when it is time to walk away. That time is now,' he added.
Mr Roberts noted that it had become clear that there was no interest on the part of Disney's management and board in putting Comcast and Disney together.
