Comcast finalizes $31bn offer for Sky

By Pouyan Broukhim

US firm Comcast has finalized a £22bn (USD$30.7bn) bid for broadcasting company Sky, challenging the existing and lower takeover offer from Rupert Murdoch’s Twenty-First Century Fox.

Upon receiving the offer from Comcast, equating to £12.50 per share for the British media company, Sky stated that it would now engage in discussions with both Fox and Comcast to decide its future.

See also:

Comcast has now formalized the offer, having first announced its intentions to do so in February, putting pressure on Fox to raise its lower £10.75 per-share proposal for the remaining 61% stake in Sky that it does not currently own.

As it stands, Comcast’s bid represents a 16% premium compared to Fox’s own bid for Sky.

The potential deal has also been complicated by Disney’s agreement to acquire the entertainment assets of Fox, including its 39% stake in Sky, for $52.4bn in December.

There has been speculation surrounding whether Disney will bid for the entirety of Sky itself, particularly with its increasing focus on the digital streaming industry, having announced plans to acquire media firm BAMTech LLC and launch its own streaming service in 2019. However, despite this, no offer from Disney has come to fruition to date.

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI