21st Century Fox has said it will sell its 39% stake in Sky to Comcast for close to £11.6 billion.
It follows Comcast’s victory in the bidding war for the broadcaster that came to a conclusion on Saturday.
It means the Murdochs will no longer hold a stake in the company.
In a statement 21st Century Fox said: “In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF’s existing 39% holding in Sky to Comcast. We congratulate Comcast on their pending acquisition.
“We are proud of the role our company has played in building Sky, and of the outstanding value we have delivered for shareholders of 21CF and Sky, and customers across Europe.”
The Comcast offer is now mandatory under UK takeover rules.