Murdoch's 21st Century Fox Ups Sky Bid to Beat Rival Comcast

13 July, 2018, 10:13 | Author: Sally Reid
  • Comcast

The quick counteroffer suggests that the war to seize control of Britain's biggest pay-TV company is heating up, since the previous bid was $31 billion from Comcast in April.

However, Comcast's new offer, more than 5% over Murdoch's latest deal, has won the recommendation of Sky's independent committee.

"We could be seeing a bidding prioritization by Comcast for Sky over Fox, perhaps due to the fact that Comcast cannot afford both, and has to choose its battles". It is now three weeks since Disney upped its bid for the Fox assets and Comcast still hasn't responded.

Now it's up to Comcast (cmcsa) to decide how much Sky is worth.

Sky shares traded at £14.90 as of 9:55 am in London.

The speed with which Comcast's Brian Roberts returned with a higher offer was created to show how determined he is to buy the group which is present in 23 million homes across Europe.

Richard Greenfield at BTIG said however he thought Disney needed to buy Sky to secure a direct relationship with customers in Europe so it could sell them its vast range of programming.

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Multinational mass media corporation 21st Century Fox on Wednesday said it has raised its offer to buy United Kingdom's Sky Plc.

A Fox shareholder has filed a lawsuit over Disney's pending acquisition of most of 21st Century Fox's assets, alleging that shareholders have been given misleading or incomplete information before their vote on July 27, according to The Hollywood Reporter.

"It's too low", Odey, a former son-in-law of Murdoch whose eponymous hedge fund is a Sky shareholder, said of the sweetened Fox offer.

One hedge fund manager with a stake in Sky welcomed that pledge as a sign that Disney backed Fox in the battle.

All eyes will now turn to Fox to see if it will increase its offer for the 61% of Sky that it does not already own.

The UK government has already said it's likely to approve Fox's bid for Sky after Fox satisfied concerns over media plurality.

Murdoch had previously tried to buy Sky in 2011 when a phone hacking scandal at his News of the World tabloid sparked a political backlash over his role in Britain.

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