Comcast Makes Offer To Buy Sky, Challenges Murdoch's 21st Century Fox
Feb 27, 2018 Business 2782 By franklyn Anude
US cable TV giant Comcast Corp, has made a bid of $31 billion (£22.1bn) to buy sky, challenging an existing offer from Rupert Murdoch’s Fox and Bob Iger’s Walt Disney. Comcast which owns NBC and Universal Pictures, offered 12.50 pounds per share, which was significantly higher than the 10.75 pounds per share agreed by Fox.
Britain’s Sky, which is available in
23 million homes across Europe, had already agreed to be sold to Murdoch’s 21st Century Fox but concerns over the Murdoch family's influence in Britain has delayed the take over. Murdoch's 21st Century Fox last week said it would allow Sky News run, with a fully independent board, for at least 10 year, in an effort to make the proposed deal more attractive to regulators.
Comcast chief executive Brian Roberts called Sky an outstanding company and said he was sure the offer would be cleared by regulators. He added; “Sky and Comcast are a perfect fit: we are both leaders in creating and distributing content,”
Shares in Sky rose to 13.08 pounds (18 percent rise) as investors hopes the ensuing bid battle would push both sides to offer a higher price.