Comcast outbids Fox in auction for Sky

By Ovunc Kutlu


Comcast emerged victorious in its battle against Twenty-First Century Fox to acquire British media firm Sky Plc. in an auction Saturday by the U.K.’s Panel on Takeovers and Mergers.

U.S. entertainment and media firm Twenty-First Century Fox offered £15.67 ($20.49) per Sky share, but American cable TV giant Comcast’s offer for per Sky share was £17.28 ($22.59), according to a statement by the Panel.

Comcast’s offer valued Sky, Europe’s largest Pay TV broadcaster with 23 million subscribers, approximately at £30 billion ($39 billion).

“This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally,” Comcast Chairman and CEO Brian L. Roberts said in a statement.

“We now encourage Sky shareholders to accept our offer, which we look forward to completing before the end of October 2018,” he added.

The deadline for Sky board and shareholders to accept Comcast’s offer is Oct. 11.

Twenty-First Century Fox offered £10.75 per share for Sky in December, and later Comcast announced in April a cash offer of £12.50 per Sky share.

When Twenty-First Century Fox sweetened its offer to £14 on July 11, Comcast increased its cash offer for to £14.75 later that day.

Twenty-First Century Fox owner Rupert Murdoch and his family, who already own 39 percent stake in Sky, have been trying to take over the remaining 61 percent of Sky for years.