Comcast outbids Fox in a $39 billion takeover of Sky

[Eugene]

Source: CNBC

Comcast outbids Twenty-First Century Fox in a $39 billion takeover of British broadcaster Sky after submitting a much higher bid in a three-round auction that took place on Saturday.

The U.S. cable giant outbid its rival by $3.6 billion by offering £17.28 per share. Rupert Murdoch's Fox offered £15.67 per Sky share, according to an official statement from the Takeover Panel.

This follows an elongated bidding battle between two of America's largest media companies over the coveted overseas competitor.

A person close to the process told CNBC Saturday that Comcast wanted to ensure the company had paid enough of a premium over Disney's bid to sway shareholders inclined to go with Fox/Disney, based on their existing 39 percent stake in Sky.

-snip-

Spriha Srivastava | Ryan Browne | Alex Sherman
Published 2 Hours Ago Updated 4 Mins Ago


Read more: https://www.cnbc.com/2018/09/22/sky-comcast-fox-36-billion-takeover-auction.html

[sandensea]

1. How Faux was allowed to bid on it after the wiretapping stunt they pulled on the Royals is beyond me

Comcast are no angels; but all in all this was good news.

[Cicada]

2. Glad Murdoch lost out, Comcast is horrible but backed obama

Comcast also was an early endorser of the affordable care act. So it could have been worse for Sky, much worse.

[demigoddess]

5. I still feel sorry for the British people.

comcast has ruined cable here.

[Fred Sanders]

7. Much more sorry if vile Murdoch dominated the media even more...lessor of two evils.

[DeminPennswoods]

8. You should feel sorry for Comcast subscribers

who will be paying for this deal with increased fees for everything.

[Cicada]

9. Yeah. $161 this month for me.

Can no one slow up business concentration?

[JustABozoOnThisBus]

3. Was Sky's value affected by Brexit,

... or by the un-Brexit, whichever occurs last?

[cstanleytech]

4. Probably why they did not try to outbid Disney to buy 21st Century Fox.

Anyway that aside I hope Fox losing to Comcast twists Murdochs shorts into a knot.

[Frequency Kenneth]

6. I'm actually happy about a corporate takeover

FUCK FOX!