Comcast beats Fox in Sky auction with $39 billion bid

An auction lasting a maximum of three rounds will take place September 22, the Takeover Panel announced in a statement, should the US media giants not table final offers by late September 21. (AFP)
Updated 23 September 2018
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Comcast beats Fox in Sky auction with $39 billion bid

  • Sky is currently trading at $20.57 a share — above Comcast’s latest offer price of $19.14
  • Sky’s subscription base of 23 million and rights to English Premier League football make it one of Europe’s most profitable and powerful TV companies

LONDON: British regulators said Comcast had beat 21st Century Fox in a rare auction that allowed both sides to bid for European broadcaster Sky.
After three rounds of bidding behind closed doors, Comcast offered the higher price of 17.28 pounds ($22.58) per share, the equivalent of nearly 30 billion pounds ($39 billion). Fox offered 15.67 ($20.47) per share.
The regulator, the Takeover Panel, set up the auction to reduce uncertainty for Sky. It now gives Sky shareholders a firm bid to evaluate after Fox and Comcast engaged in a series of counteroffers.
Fox had long been trying to acquire the 61 percent of Sky it doesn't already own. Comcast wants to grow its operations in Europe.
Sky is Europe's largest pay-television operator, with 22.5 million customers in seven countries.


Egyptian voters urged to allow El-Sisi rule until 2030

Updated 18 min 44 sec ago
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Egyptian voters urged to allow El-Sisi rule until 2030

  • Egyptian officials said the results should be ready in a week after the elections
  • Opposition parties asked voters to refuse the suggested changes

CAIRO: Egyptian pro-government media are urging a "Yes" vote on the second day of a nationwide referendum that would allow President Abdel-Fattah El-Sisi to stay in power until 2030.
Polls reopened at 0700 GMT on Sunday. Voting will continue through Monday to allow maximum turnout, which the government hopes will lend the referendum legitimacy.
Election officials say results are expected within a week.
Opposition parties have called on voters to reject the changes, blasted by critics as a major step back to authoritarianism.
Voting comes amid an unprecedented crackdown on dissent since the 2013 military ouster of an elected but divisive president.
El-Sisi came to power in 2014 and was re-elected for a second four-year term last year.
Trucks with loudspeakers drove around central Cairo Sunday morning urging high turnout.