Comcast Makes $31B Rival Bid For Pay-TV Giant Sky
April 25, 2018
Comcast Makes $31B Rival Bid For Pay-TV Giant Sky
Let the battle commence. Comcast is officially looking to spoil Rupert Murdoch’s takeover of Sky by launching a rival offer of 30B (£22B). The U.S.’s largest cable company Comcast has made a formal £12.50 a share offer for the pan-European broadcaster that values it at £22bn.
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To date, Fox has offered £10.75 a share and has separately agreed to sell its entertainment assets — including Sky — to Disney. Fox owns 39% of Sky and put in its bid to take full control at the end of 2016.
Brian L. Roberts, Chairman and CEO of Comcast Corporation, said: “We are delighted to be formalizing our offer for Sky today. We have long believed Sky is an outstanding company and a great fit with Comcast. Sky has a strong business, excellent customer loyalty, and a valued brand. It is led by a terrific management team who we look forward to working with to build and grow this business.”
The U.S. firm had first proposed an offer at the same, £12.50 a share, price in February. It said it would continue to engage with Sky’s independent directors with a view to achieving a recommendation for its deal.
Comcast had an offer for 21st Century Fox’s entertainment assets, which include Sky as well as Deadpool and X-Men studio 20th Century Fox, denied by Murdoch last year. The mogul instead agreed a $66bn (£47bn) sale to rival studio Disney but this has been held up, as Fox’s own deal for Sky continues to be scrutinized by the UK competition regulator.
More to come…