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Tag: Comcast

21st Century Fox to sell Sky stake to Comcast

21st Century Fox to sell Sky stake to Comcast

Business
21st Century Fox has agreed to sell its 39% stake in Sky plc, the owner of Sky News, after rival Comcast triumphed in an auction. The announcement comes four days after the two US giants went head-to-head in a dramatic shoot-out to take control of Sky, overseen by the Takeover Panel.Comcast came out of the auction on top with its £17.28 offer per share, valuing the takeover target at £29.7bn - ahead of Fox's £15.67 valuation.Fox - which already held a 39% stake in Sky - was left to decide what it would do with those shares following Saturday's auction process, and has now revealed its intentions.The company said: "In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF's existing 39% holding in Sky to Comcast."We con...
Comcast outbids Fox in auction for Sky

Comcast outbids Fox in auction for Sky

Business
Comcast has triumphed in the auction to buy Sky plc, the owner of Sky News, for £29.7bn in the biggest takeover ever seen in Europe's media industry. Comcast's offer of £17.28 per share was £1.61 ahead of Fox's offer of £15.67.The US giant's victory follows a dramatic shoot-out with US entertainment giant 21st Century Fox in a rare three-round auction overseen by the Takeover Panel.The result ends 21 months of uncertainty for Sky over its ownership after the company's independent committee unanimously recommended the offer to shareholders.In a statement Sky plc said: "As the price of the final Comcast Offer is materially superior, it is in the best interests of all Sky shareholders to accept the Comcast offer."Accordingly, the Independent Committee unan...
Comcast challenges Disney with $65B bid for Fox

Comcast challenges Disney with $65B bid for Fox

Technology
Comcast made a $ 65 billion bid Wednesday for Fox's entertainment businesses, setting up a battle with Disney to become the next mega-media company. The bid comes just a day after a federal judge cleared AT&T's takeover of Time Warner and rejected the government's argument that it would hurt competition in cable and satellite TV and jack up costs to consumers for streaming TV and movies. The ruling signaled that Comcast could win regulatory approval, too; its bid for Fox shares many similarities with the AT&T-Time Warner deal. Comcast says its cash bid is 19 percent higher than the value of Disney offer as of Wednesday. The Wall Street Journal and others reported earlier that Comcast had lined up $ 60 billion in cash to challenge Disney for media mogul Rupert Murdoch's company. Disney's ...