Comcast outbids Fox with €33bn offer for Sky in auction

23 September, 2018, 20:24 | Author: Kristopher Anderson
  • Sky is at the centre of a bid battle between Comcast the world’s biggest entertainment company and Rupert Murdoch’s 21st Century Fox. Stock

Comcast won a three-round auction for Sky on Saturday, with a £17.28-per-share deal that nearly certainly puts enough distance between it and rival bidder 21st Century Fox to win the battle for control of the European pay-TV heavyweight.

If Comcast had only offered marginally more than Fox, Murdoch's company could have fought on for control of Sky because its stake would have given it an upper hand.

Comcast was forced to drop its bid to take over Fox itself because it needed the money to go after Sky. The company said in a statement on Saturday that it was still "considering its options and will make a further announcement in due course".

Sky shareholders will decide over the coming days which bid to accept, but it is thought to be a formality. With the Sky takeover, Comcast will become the biggest pay TV provider in the world, with around 52 million customers after adding Sky's 23 million subscribers.

Julia Louis-Dreyfus signs letter supporting Kavanaugh accuser Christine Blasey Ford
Jeff Flake of Arizona, a Judiciary Committee member who has clashed bitterly with Trump and is retiring from the Senate . Sharon Crouch Clark didn't know Ford and feels fine about having signed the letter, notwithstanding the allegation.

Serena Williams doubles down on US Open defence
The entire exchange led to an awkward moment in Queens as fans boo'd non-stop after Osaka's historic win. Yes, what she did is clearly against the rules, which call for a code violation to be assessed.

Woodward book goes on sale as ex-Trump aides push back
Cillizza: Situate the Woodward book in the broader spectrum of Trump books we have seen published since he became a candidate . Because the hallmark of Trump's behavior in this book is, from day to day, he may not remember what his idea was yesterday.

Comcast's final offer was significantly higher than its bid going into the auction of 14.75 pounds, and compares with Sky's closing price of 15.85 pounds on Friday.

Comcast has been vying for Sky since February, when it gate-crashed Fox's deal to buy the London-listed pay-TV group. It has been boosting its investment in original TV productions such as 1920s sex-and-crime saga "Babylon Berlin" and "Britannia", a period drama about the Roman conquest of Britain. Sky is in good financial shape, paying less for football rights than it has in the past, and there is potential for other content to be shared across the wider Comcast group. Comcast estimates that owning Sky will create US$500-million in synergies, partly through selling Sky content in the U.S. and NBC programming in Europe. Roberts has said he was "terribly impressed" with Sky's market-leading Q box platform, which is also a rich source of data on customer viewing behavior. It would also represent a victory in Comcast's chequered history of deal making.

The payout for Murdoch's Fox would amount to 11.6 billion pounds if it tenders to Comcast, some consolation for his second failed attempt to grab the rest of the United Kingdom broadcaster.

Disney would "have to take as a consolation prize that Fox's position in Sky will end up worth much more than when Disney originally agreed to buy it", meaning selling the stake will free up extra capital. The first was thwarted in 2011 by a phone-tapping scandal at his United Kingdom newspaper business. "Sky has never stood still, and with Comcast our momentum will only increase".

Recommended:



Popular

This Is My Plan For Diogo Dalot - Jose Mourinho
The Chile global is yet to score in four games this season and has managed just three in 22 games since arriving from Arsenal . "I am optimistic, but it will be a hard season, yes", he said.

Cleveland Browns steal trick play from Eagles
A Browns fan captured the little guy, grabbed it by its tail, and carefully put it in a box provided by a stadium employee. From there, the No. 1 pick dominated the second half to lead Cleveland to its first win since 2016.

Mike Zimmer gives ruthless answer on Daniel Carlson cut
Bailey made 91.2 percent of his kicks in indoor/domed stadiums and has never missed a point after attempt in 145 tries at home. To make room on the roster, the Vikings also waived wide receiver Stacy Coley.

Trump promises post-market announcement as China tariff reports swirl
The Journal report quoted one senior Chinese advisory official saying China would not negotiate "with a gun pointed to its head". The US is imposing new tariffs on $200bn (£150bn) worth of Chinese goods as it escalates its trade war with Beijing.

Jurgen Klopp wants forwards to keep going for goal
Liverpool return to action tomorrow night when they take on French champions Paris St-Germain in their Champions League opener.

Cleveland Browns lose again after Zane Gonzalez misses crucial kicks
One Twitter user wanted the non-kicker to keep his professional options open: 'We'll keep the jersey warm, Zane. Gonzalez, a seventh-round draft pick in 2017, struggled in two games this season.

Chelsea coach Sarri believes Eden Hazard can score 40 goals this season
A long ball over the top to Willian saw the Brazilian burst into the box, before being brought down by Sol Bamba for a penalty. A shaken Chelsea set about their recovery through the tentative steps of Mateo Kovacic botching two one-on-one situations.

Florence remains deadly, even as a tropical depression
This will cause devastating flooding across much of Onslow County with travel made impossible and many homes completely flooded. Both Wilmington International Airport and Fort Macon suffered gusts of 105 miles per hour , the National Weather Service said .

Lexus ES 2018: Specs, Prices, Features, Photos
The camera system monitors also allow a clearer view of the surrounding area around the vehicle than a normal mirror allows. Brightness will also be automatically adjusted to increase visibility at night and in bad weather, improving security.

Hurricane Florence is producing waves as high as 83 feet
Even Wilmington, North Carolina - a coastal city accustomed to severe weather - is bracing for an unusually brutal impact. The video below shows the South Carolina Highway Patrol leading the public down reversed lanes.