Cable company, Comcast, has withdrawn its $48bn (£26bn) takeover bid for the Disney Group.

In a statement issued yesterday, the company announced that the decision to retreat was ‘effective immediately’.

Brian L. Roberts, president, said: “It has become clear that there is no interest on the part of Disney’s management and board in putting Comcast and Disney together and, as a result, we have withdrawn our offer.”

The statement brings to an end a remarkable and hostile takeover attempt that nearly led to the departure of Disney’s chair and chief executive, Michael Eisner.

Eisner has since been forced to give up his chairmanship, but remains as a chief executive with the support of a slender minority of shareholders.

Shares in Comcast buoyed following the news, rising initially nearly 1 per cent on the NYSE, while Disney shares suffered a slight decline of around two per cent.