Comcast drops out of Fox race

Disney-Fox deal would be a media and entertainment earthquake

CNN Money Disney is widely expected to acquire the majority of 21st Century Fox

A report at CNBC suggests that Comcast dropped out of the bidding for Fox's film assets at the start of the week, leaving the path clear for Disney.

Disney and Fox have reportedly both moved on to hiring legal teams and retaining services from financial institutions to assist in hammering out the details of the transaction. The deal is said to be worth over $60 billion, but the exact amount is still not known. This move leaves the Walt Disney Company DIS as the lone remaining bidder, in a deal that could now close as soon as this week.

A deal with Disney could also face fewer United States regulatory hurdles, although it is extremely unlikely to be waved through.

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Disney first approached Fox chairman Rupert Murdoch several weeks ago to propose buying Fox's television and movie studio, 22 regional sports networks, a stake in Hulu and global television assets, but talks stalled.

"According to Variety, cable provider Comcast (and SYFY WIRE corporate parent) is "'no longer' looking at Fox's film and TV studio and other assets as acquisition targets". These assets will form a new company, of which Fox shareholders will get a piece.

While the exact portfolio of assets changing hands remains unknown, it appears that the Murdoch family will be left with only Fox Broadcasting and its local TV stations, cable giant Fox News and Fox Sports 1 and 2, cable networks launched in 2013.

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Disney are without a doubt one of the biggest companies in the world of entertainment, and the titans behind-the-scenes are looking to expand on that even more if recent reports are to be believed.

Fox shares have jumped by close to a third over the past three months.

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