Comcast makes £22bn bid for Sky plc, 16% premium on Fox's offer

Comcast makes £22bn bid for Sky plc, 16% premium on Fox's offer

Comcast makes £22bn bid for Sky plc, 16% premium on Fox's offer

The announcement, which accompanied Comcast's Q1 results, puts the United States cable and media group in a head-to-head battle with 21 Century Fox, whose existing bid for the company values it at £19 billion.

Fox's £18bn bid to buy Sky is now being scrutinised by the UK's competition regulators who've made a preliminary ruling that the deal would not be in the public interest due to Mr Murdoch's control of News UK.

Comcast, Disney and Fox have all stated they will guarantee funding for a decade and preserve the editorial independence of the loss-making Sky News channel if their bid is successful.

"We are delighted to be formalizing our offer for Sky today".

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Comcast shares opened in the red in the US Wednesday, after the US cable company confirmed its £22 billion cash offer for Sky PLC.

Further, the United States company said it would promise not to acquire a majority stake in any UK newspapers, one of the major concerns of Murdoch-backed Fox's proposed takeover of Sky, which has been in the works for more than a year but has faltered after regulatory concerns. Fox would give full control of Sky to Disney if its takeover is successful.

In late 2016, Fox offered to shell out $16 billion to buy the remainder of Sky it doesn't already own.

This is some distance north of the £10.75 bid on the table from Fox and accordingly, Sky's board has withdrawn its recommendation for the Fox bid.

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Comcast has said that adding Sky to its business would increase global revenues to 25% from 9%.

Comcast, the US-based media group, is aiming for the winning bid in the sale of Sky a European media and telecommunications broadcaster based in the UK. Comcast shares, which had fallen 14 percent since February, were 3.5 percent higher, while Fox's rose 2 percent and Disney gained 1.6 percent.

Yet the contest between Fox and Comcast has been complicated by a $52.4 billion offer from Disney a year ago to swallow most of Fox, including its existing stake in Sky.

Not acquire any majority interest in United Kingdom newspapers for five years. "We look forward to receiving the necessary regulatory approvals". Sky has a strong business, excellent customer loyalty, and a valued brand. Fox has made multiple attempts to satisfy regulators, including by proposing to sell Sky News directly to Disney upon buying Sky.

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The Sky committee noted its duty is to maximize value for shareholders.

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