NEW YORK (AP) _ George Bailey can rest easy. Comedy Central has abandoned plans for a parody of the holiday movie classic, ``It's a Wonderful Life,'' in order to avoid a fight with a sister company, a spokesman said Friday.

The network planned a spoof using scenes from the movie and dubbed-in dialogue to tell a far different story, with Jimmy Stewart's character revealing he's gay and wants to star in action movies.

That angered Republic Pictures, which owns the right to the movie and jealously guards its use.

Comedy Central was planning to go ahead anyway, until it found out that Republic Pictures was controlled by Viacom Inc., which partly owns Comedy Central.

``Because of business considerations ... we have decided to discontinue,'' said Comedy Central spokesman Tony Fox.

The classic original is airing on NBC on Dec. 21.