Home > Content > Comcast Trumps 21st Century Fox With £29b Sky Bid

Comcast Trumps 21st Century Fox With £29b Sky Bid

UPDATE – In a published statement, Sky has confirmed it’s urging shareholders to “immediately” accept Comcast’s offer, asserting it presents “materially superior value”.

US cable giant, Comcast, has beat Murdoch-owned 21st Century Fox for a stake in Sky, with its offer of  £17.28 a share surpassing Murdoch’s  £15.67 a share – valuing Sky at a whopping £29.7 billion.

Ending 21 months of bidding, the news is set to significantly expand Comcast’s international presence.

Murdoch-owned 21st Century Fox states it’s considering its options, regarding the existing 39% stake it holds in Sky:

“We note the increased cash offer for the fully diluted share capital of Sky by Comcast, and that it has been recommended by the Independent Committee of Sky,” reads a published statement.

“21st Century Fox is considering its options regarding its own 39 per cent shareholding in Sky and will make a further announcement in due course”

“Sky is a remarkable story and we are proud to have played such a significant role in building the ­incredible value reflected today in Comcast’s offer.”

The winning bid reflects more than double Sky’s former value – before Fox put Sky in play nearly two years ago.

Considered a ‘blind auction’, neither party was aware who was bidding, notably in the final rounds.

Comcast’s bid is sharp increase versus its £12.50/share offer in February, and Fox’s £10.75/share bid late 2016.

Despite its winning bid, a takeover isn’t a certainly unless Comcast can win the support of over 50% of Sky’s shareholders. Commentators question Fox’s reaction, with the takeover tipped to be the biggest in European media history.

The news comes as media companies scramble to combat streaming giants such as Netflix.

You may also like
Fetch TV Launch New Crime ‘Virtual Channel’ Oxygen
10 Takes On Netflix with All Access Streaming Service
Nine Axes 144 Jobs After Fairfax Merger
EXCLUSIVE:OZ Lead The World In SVod Streaming As CBS & Disney Move In
Foxtel Takes Each Way Punt On New Kayo Sports App