Fox to sell Sky shares to Comcast

By erptre fusion
Following Comcast’s successful bid to acquire British broadcaster Sky, 21st Century Fox has agreed to sell its 39% to Comcast
After a protracted bidding war, the US$40bn sale of Sky to Comcast was finalized at an auction mandated by British regulator the Takeover Panel.
Fox’s owner Rupert Murdoch founded Sky in 1990, and the sale of Fox’s Sky shares will mark the end of a 28-year association between the media mogul and the broadcaster.
The stake will net Fox around US$15bn.
Disney is in the process of acquiring Fox’s film and TV assets, but the agreement with Comcast will mean that these assets will not include Fox’s stake in Sky.
“The sale of Fox’s Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers”, said Robert Iger, Disney CEO.
See more:
Reuters reported on 27 September that Comcast is to “stop buying Sky’s shares in the market after it secured 38 percent of the stock plus the 39 percent holding from Rupert Murdoch”.
Shareholders will be able to tender their shares in the normal fashion following Comcast’s release of its offer document on 27 September.
The deadline for investors to offer up their shares is 11 October.
Of Comcast’s acquisition, Fox said:
“We congratulate Comcast on their pending acquisition. We are proud of the role our company has played in building Sky, and of the outstanding value we have delivered for shareholders of 21CF and Sky, and customers across Europe”.

Featured Articles

Top 10 cybersecurity specialists in the US

As cyber attacks grow in frequency and become increasingly sophisticated, Business Chief looks at the top 10 cybersecurity specialists in the US.

Silicon Valley Bank collapse: How did we get here?

US authorities have stepped in to protect all Silicon Valley Bank customers following the second-largest bank failure in the country's history

Top 10 best new leadership books by women to read in 2023

To mark IWD, here’s our pick of the best new leadership books – all penned by impressive women at the forefront of the ever-evolving world of work

Eight of the best business leadership podcasts

Leadership & Strategy

CEO John Pagano, leading Saudi Arabia's Red Sea Global

Leadership & Strategy

Top 10 female CEOs according to Fortune’s Global 500 list

Leadership & Strategy