Walt Disney Co. is out of the running to bid on social networking service Twitter Inc., according to media reports.

Online technology publication Recode reported late Wednesday that the Burbank entertainment and media giant would not be making an offer, citing unnamed sources familiar with Disney.

Speculation had been rampant that Disney was interested in buying the San Francisco online messaging company in a bid to further its video-streaming strategy.

Twitter Chief Executive Jack Dorsey has served on the Disney board since 2013.

Last month, Twitter started a process of evaluating a potential sale as interest in acquiring it began to heat up. Salesforce.com, a San Francisco cloud computing company, is also considering a bid and is working with Bank of America on the process.

Shares in Disney closed Thursday up 38 cents, or less than a percent, to $92.83 on the New York Stock Exchange.