Comcast’s $40 billion bid beats Fox at Sky takeover auction
American media giant Comcast has outbid 21st Century Fox over the weekend in the auction to take control of European broadcaster and pay-TV network Sky.
The two-year takeover battle has seen Rupert Murdoch’s 21st Century Fox company take on Comcast for Sky, which includes its Sky Sports arm.
Fox and Comcast had been mandated by the Takeover Panel, the body that regulates the UK mergers and acquisitions, to enter an auction process to conclude a final bid for the European company.
The bidding war has concluded with the announcement of Comcast’s US$40 billion bid for the fully diluted share capital of Sky.
According to an official statement from the Takeover Panel, Comcast had outbid their component by $3.6 billion, offering over $22.66 per share, whilst Fox offered over $20.66 per Sky share.
Comcast chairman and chief executive Brian L. Roberts said: “Sky is a wonderful company with a great platform, tremendous brand, and accomplished management team.
“This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.”
The Takeover Panel will officially announce the results of the auction on 24th September.
Sky is an excellent opportunity for US companies looking to expand their operations in Europe and is seen as one of the media industry’s most coveted prizes.
