Comcast May Have Given Up On Fox

Comcast crashes Murdoch's Sky bid

Comcast crashes Murdoch's Sky bid

That is how Sky shareholders feel as Murdoch controlled 21st Century Fox raised the bidding once again for Sky, eclipsing United States cable network Comcast's £12.50 bid with an all cash offer of £14.

Comcast gatecrashed Mr Murdoch's attempt to buy the 61% of Sky his company did not already own in February while the Fox deal awaited government approval.

Fox, which has been trying to buy the pan-European group since December 2016, offered to pay 14 pounds per share, a 12 percent premium to Comcast's earlier offer.

Sky's independent committee said Wednesday Fox's new bid "represents a substantial increase in value relative to the Comcast offer", and it will "unanimously recommend" the offer to Sky shareholders, according to the Financial Times. However, completion of the Sky acquisition is not a condition to completion of the Disney deal, nor will it affect the amount or form of consideration that stockholders of 21CF receive in the Disney transaction, Fox said.

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However, British regulators have indicated that if Disney succeeds in buying Fox, including the 39 percent stake in Sky, it would be required to offer the same price for the remainder of Sky. Comcast offered $65 billion and is getting ready for yet another bid for Fox.

The battle between Fox and Comcast to acquire Sky has been going on for the last 18 months. Fox wants a deal at 14 pounds a share.

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.

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.

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"Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast", Comcast said in a statement.

KitGuru Says: No matter who ends up getting their hands on Fox's assets, the loss of competition from such a large player in the market is sure to be felt across the entertainment industry.

Sky operates in Austria, Germany, Ireland and Italy as well as the U.K. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and "Game of Thrones".

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