Murdoch's Fox cleared for Sky takeover bid

13 July, 2018, 10:14 | Author: Corey Lynch
  • Comcast

Sky has always been seen as Comcast's priority by many analysts when it came to bidding on Fox, though it was previously believed that Comcast might be making a play for 100 percent ownership of Sky prior to the bidding war with Disney.

"Today, 21CF and the Independent Committee of Sky are pleased to announce that they have reached agreement on an increased. cash offer", a statement said on Wednesday.

"We could be seeing a bidding prioritization by Comcast for Sky over Fox, perhaps due to the fact that Comcast cannot afford both, and has to choose its battles", Cahall wrote.

'It is now a matter for the Sky shareholders to decide whether to accept 21st Century Fox's bid'.

"This transformative transaction will position Sky so that it can continue to compete within an environment that now includes some of the largest companies in the world", Fox said. Comcast has also offered guaranteed funding for Sky News and other commitments, including maintaining Sky's West London base.




Reuters is reporting that Comcast is doing it now so that Fox shareholders won't have antitrust concerns, plus increase their chances for uprooting Disney's bid.

Murdoch is aiming to takeover the 61% of Sky he doesn't already own through 21st Century Fox, which owns assets including the Hollywood studio behind films including X-Men and Deadpool. Of the assets he's seeking to acquire from Fox, Disney chief executive officer Bob Iger called Sky "a real crown jewel".

The fight for Sky is part of a wider contest between Comcast and Walt Disney Co. for the bulk of Murdoch's media empire, as each tries to scale up to take on streaming competitors Netflix Inc. and Amazon.com Inc. According to some shareholders, that has set an implied higher floor for Sky's shares.

The Government has already separately cleared Comcast's bid for Sky.

To secure regulatory approval, Fox has agreed to sell Sky's award-winning news channel to Disney to prevent Murdoch from owning too much of the British media. News Corp., which is controlled by the Murdochs, withdrew its bid for Sky soon after.

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