Comcast Raises Bid for Sky as Regulatory Decision Accelerates Sale Process

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Comcast moved quickly to counter 21st Century Fox’s latest bid for Sky, raising its offer to $34 billion on the same day that Fox upped its buyout bid for the European satellite TV provider. Comcast said its higher bid has been recommended by Sky’s committee of independent directors evaluating the swirl of bidding for the satcaster. Earlier July 11, the same committee recommended Fox’s higher bid but reversed course after receiving the outline of Comcast’s higher offer.

Comcast’s renewed focus on the bidding for Sky has stirred speculation that the company is shifting its focus to winning the race to acquire Sky and backing off of its duel with Disney for major assets of 21st Century Fox. Comcast is vying against Fox for control of Sky, and it is in the midst of a bidding war with Disney for major assets of Fox. Those assets include Fox’s existing 39% stake in Sky, with the hopes that Fox will be able to close its long-pending takeover of Sky soon in order to deliver 100% of Sky to Disney or Comcast. With Comcast’s quick action on Sky, the question now turns to whether Fox or Disney will return fire with a sweetened offer for Sky. By UK law, Sky shareholders now have 60 days to study Comcast’s offer and decide whether to accept Comcast’s tender offer. 


Comcast Raises Bid for Sky as Regulatory Decision Accelerates Sale Process