Comcast has outbid Twenty-First Century Fox for the UK’s Sky, a final
step in what’s been a years-long takeover battle between the two media
conglomerates.
Comcast’s final offer gives Sky a roughly $39 billion price tag.
The acquisition of Sky, which has 23 million subscribers in the UK,
Ireland, Germany, Austria and Italy, will give Comcast a much stronger
foothold in the international market and much-needed ammo to compete
with Amazon and Netflix in the streaming wars.
Both companies upped their offers for Sky at the settlement auction
Saturday, with Comcast offering £17.28 per Sky ordinary share and Fox
offering £15.67 per share. Comcast initially priced Sky’s shares at
£14.75 apiece. Fox’s original offer was £14 per share.
Both companies will reveal their revised bids on Monday. Sky’s board will make its official recommendation by October 11.
Sky operates several brands including Sky News, Sky Sports and Sky Cinema.
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