Comcast Corp., the nation's largest cable operator, withdrew its unsolicited multibillion-dollar offer to buy Walt Disney Co. Wednesday after the entertainment conglomerate refused to discuss a possible deal.

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The Walt Disney Co. board of directors late Monday unanimously rejected Comcast's $54 billion, all-stock offer to take over the company, saying the offer was too low.

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In a move that could transform the media industry, Comcast Corp., the nation's largest cable operator, launched an unsolicited bid Wednesday to merge with troubled entertainment behemoth Walt Disney.

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