Comcast boosts Sky bid to $34M, topping Fox offer in global standoff

Dwayne Harmon
July 13, 2018

Hong Kong-based hedge fund Case Equity Partners, a Sky investor, said the fact Disney was in a slightly more favourable position for Fox's US media assets meant Comcast would fight even harder to get Sky.

Shares in Sky (SKYB.L) jumped higher on Thursday after Comcast (CMCSA.O) submitted a $34 billion (25.74 billion pounds) bid for the group just hours after Rupert Murdoch raised his offer, escalating a trans-Atlantic bidding war for the European pan-TV group. Disney said in June it is offering more than $71 billion for Fox's entertainment businesses in a counterbid to Comcast's almost $66 billion offer.

A successful acquisition of Sky would extend Comcast's reach Europe.

'It is now a matter for the Sky shareholders to decide whether to accept 21st Century Fox's bid'.

In the U.S., it has been in a separate bidding war with Comcast - the nation's largest cable TV provider - to buy 21st Century Fox's film and TV studios.

"We have long admired Sky, which we believe is an outstanding company and a great fit with Comcast".

The Sky logo is seen on outside of an entrance to offices and studios in west London, Britain June 29, 2017.

Thai cave rescue stalled due to rain forecast
The children urged relatives "not to worry" and asked for their favorite foods once they are safely evacuated. The group were found inside the cave by British rescue divers on Monday, 10 days after they went missing.


Sacha Baron Cohen Trolls Trump & Hints At New Movie On Twitter
Satirizing anthropomorphic pieces of fecal matter is no easy task, but Sacha Baron Cohen appears to have taken on the challenge. O.J.is eternally beyond redemption or forgiveness, but putting money in the hands of another is penance by other means.


Uruguay's Cavani has swollen calf, not tear, as France loom
Skipper Ronaldo has netted four times in Russian Federation , including a hat-trick in his side's opening game against Spain . Portugal coach Fernando Santos expected Ronaldo to keep contributing to the national team. "It was hard ", he continued.


Should Disney succeed, it will obtain Fox's 39 per cent stake in Sky as part of the package.

Should a deal for Fox's assets - including the 39% share of Sky - close before control of the satcaster is resolved, the winning bidder would be required to make an offer for the remaining 61% of Sky, according to United Kingdom takeover rules. Is this the deal that inspires more or scares off others?

Fox, which has been trying to buy the pan-European group since December 2016, offered to pay 14 British pounds per share, a 12 per cent premium to Comcast's earlier offer.

The British broadcaster has been the subject of a fierce bidding war between Fox and USA cable giant Comcast.

The UK government has already said it's likely to approve Fox's bid for Sky after Fox satisfied concerns over media plurality.

Sky's independent directors accepted the latest Fox offer. News Corp., which is controlled by the Murdochs, withdrew its bid for Sky soon after.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER