Comcast Corp., the largest US cable television company, withdrew its unsolicited $48.4 billion offer to buy Walt Disney Co. after the entertainment conglomerate steadfastly refused to open negotiations.

Comcast's stock price rose slightly after the decision, which came amid pressure from wary shareholders and drew praise from analysts and investors. But it left unanswered where the fast-growing company might look to expand next, or whether the failed bid might hamper its growth plans.

"Unfortunately it has become abundantly clear that Disney does not share our interests," Comcast Chief Executive Brian Roberts said on a conference call. "I am very comfortable with our decision to withdraw even though it is not the outcome I had hoped for."

The decision handed a major victory to embattled Disney Chief Executive Michael Eisner, who still faces a revolt from shareholders contending he does not have a strategy to ensure long-term growth.

A Disney spokesman did not immediately return calls seeking comment. The entertainment and media conglomerate's board contended Comcast's offer severely undervalued the company.

Philadelphia-based Comcast may one day re-emerge with a new bid for Disney, analysts said. But for now, Mr Roberts said he will look for other ways to expand in content, distribution and technology.

"We're moving on," Mr Roberts said. "Our desire is to find attractive ways to grow. We have an enviable footprint that opens up opportunities."

Mr Roberts, considered one of the media industry's savviest dealmakers, gave investors a possible hint about his intentions on a conference call on Wednesday, when he said he expected Comcast to take a serious look at Adelphia, the bankrupt cable company that recently announced it was seeking a buyer.

"They have a number of systems that fit our footprint," Mr Roberts said.

Comcast reported a first-quarter profit on Wednesday. It also indicated it remains on target to generate consolidated free cash flow of $2 billion this year, giving it sufficient firepower to pursue other deals.

"This is good news from my perspective," said Craig Moffett, an analyst with Sanford C Bernstein. "Obviously there are a lot of Comcast investors that are going to be gratified that they've dropped the bid."

Mr Roberts opted to make the Disney bid public in February after Mr Eisner rejected his initial overture. Disney shares immediately jumped well above the offer price, but Mr Roberts said he would wait for the stock to move to a more rational level.

But the combination of Disney's refusal to negotiate and concerns by Comcast shareholders about the size of the bid led Mr Roberts to decide to withdraw the bid after consulting with a tight-knit group of advisers for two days, sources close to the company said.

"This was Brian's decision," one source said. "Our shareholders have been speaking pretty clearly. The board was entirely supportive."

The Disney bid had led some analysts and investors to question whether Comcast believed it could sustain a cable-only strategy going forward. Mr Roberts acknowledged those concerns, but said he did not share them.

"Some of our shareholders felt that we were signalling that we had lost confidence in the cable business," he said. "I'd like to make one critical point. We love the cable business. We have never been more bullish about cable and its potential for growth from the future."

The withdrawal of the bid comes a day after Disney's board reiterated support for embattled CEO Eisner, who has faced sharp criticism from high profile shareholders. Mr Eisner lost his chairman title after a contentious annual meeting last month.