Comcast early today withdrew its $48 billion bid to buy Walt Disney Co., citing a lack of interest and cooperation on the part of Disney.
   "We have always been disciplined in our approach to acquisitions,” said Brian L. Roberts, Comcast president and chief executive, in a press release.
   “Being disciplined means knowing when it is time to walk away. That time is now." 
   Comcast made the surprise offer for Disney in February, and Disney officials rejected it twice, saying it was a lowball bid. 
   A number of analysts believed at the time that the acquisition made sense for Comcast but wondered whether it would continue its interest if the price of Disney shares rose, calling upon the company to raise its original offer.
    Just yesterday Disney's board reiterated support for foundering CEO Michael Eisner, who lost his chairman title last month.  The withdrawal of Comcast as an unwelcome suitor makes life now a lot easier for Eisner as he attempts to reassert his control over Disney after months of very public wrangling over his leadership.
   Free of the Disney deal, Comcast officials are expected to pursue acquisition of bankrupt cable TV carrier Adelphia Communications Corp. 
   Comcast will also move ahead with a $1 billion stock repurchase program. The company also posted $65 million net earnings in the first quarter, after losing nearly $300 million last year.