Comcast Formalizes $30.7 Billion Bid for Sky

26 April, 2018, 00:45 | Author: Sally Reid
  • Comcast Makes $31B Takeover Offer for Sky Official

USA media group Comcast submitted a 22 billion pound ($30.7 billion) bid for Sky on Wednesday, prompting the European pay TV group to drop its support for a lower offer from Rupert Murdoch's Twenty-First Century Fox.

United States media conglomerate Comcast's threat to disrupt 21 Century Fox's takeover of Sky (SKY) is a reality as it makes its £12.50 per share cash bid official.

Comcast chairman and CEO Brian Roberts said the company had set an acceptance condition of 50% plus one share, and that he hoped Sky's independent directors would recommend the proposal.

"Comcast's superior cash offer values each Sky share at £12.50 - a significant premium to the 21st Century Fox offer price", he added.

Fox, controlled by Rupert Murdoch's family, has faced hurdles in trying to buy the 61 percent of Sky it doesn't already own. It is led by a terrific management team who we look forward to working with to build and grow this business.

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Comcast, whose interests include the NBC TV network and the Universal Pictures movie studio, followed through on interest it registered back in February with an offer of £12.50 per share on Wednesday morning. A United States company - either Comcast or Disney - will end up owning Sky.

Comcast laid out a strategy that showed it was interested in being a good corporate citizen in Britain, promising to use Sky as a platform for growth in Europe, maintaining Skys U.K. headquarters and using the acquisition to expand its worldwide footprint. Sky is a highly complementary business and will expand Comcast's global footprint in the United Kingdom and Continental Europe.

The Philadelphia-based owner of NBCUniversal, says the addition of Sky's customer base will enable it to invest in more original and acquired programming.

Roberts said he did not see any material issues with securing regulatory approval for the deal. It said on Wednesday it remained committed to its offer and was considering its options. Comcast will also need to get regulatory green lights, but will not face some of the issues that have beset the Fox bid, such as control of news outlets in the United Kingdom.

"A further announcement will be made in due course", the statement said. But Comcast isnt wooing just Sky shareholders.

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