Comcast beats Fox in Sky auction with US$39B bid
After three rounds of secret bidding, Comcast offered the higher price of £17.28 (US$22.58) per share for Sky, the equivalent of nearly £30 billion (US$39 billion)
Comcast has emerged as the top bidder for European broadcaster Sky after a rare auction held by British regulators.
After three rounds of secret bidding on Friday and Saturday, Comcast offered the higher price of £17.28 (US$22.58) per share for Sky, the equivalent of nearly £30 billion (US$39 billion). Rival 21st Century Fox offered £15.67 (US20.47) per share.
Sky shareholders must now decide whether to sell their shares to Comcast. Comcast said it hoped to complete the sale by the end of October.
“Sky is a wonderful company with a great platform, tremendous brand and accomplished management team,” Comcast Chairman and CEO Brian Roberts said in a statement. “This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.”
Britain’s regulator, the Takeover Panel, set up the auction to reduce uncertainty for Sky after months of offers and counter-offers from the American media giants. Sky is Europe’s largest pay-television operator, with 22.5 million customers in seven countries and popular programming including English Premier League soccer and Game of Thrones.
