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
0

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.


Former US VP Biden announces 2020 run for White House

Updated 2 min 23 sec ago
0

Former US VP Biden announces 2020 run for White House

WASHINGTON: Former US Vice President Joe Biden announced Thursday he was entering the 2020 White House race, joining an already crowded list of candidates running on the Democratic Party platform.
“The core values of this nation... our standing in the world... our very democracy... everything that has made America — America — is at stake. That’s why today I’m announcing my candidacy for President of the United States,” he said on Twitter.