Comcast Takes Sky: Fox and Disney Agree to Sell Stake in European Broadcaster

CNN/Stylemagazine.com Newswire | 9/28/2018, 11:56 a.m.
Comcast is getting all of Sky. 21st Century Fox announced Wednesday that it would sell its 39% stake in Sky ...

Comcast is getting all of Sky. 21st Century Fox announced Wednesday that it would sell its 39% stake in Sky to Comcast, which won majority control of the European broadcaster in a dramatic auction over the weekend. Disney, which had backed Fox in the auction, said it had consented to the sale. Comcast outbid Fox and Disney on Saturday in a rare auction for most of Sky that was administered by the UK Takeover Panel. The US media company's final bid was £17.28 ($22.65) per share, valuing Sky at £30.6 billion ($40.1 billion). That was over 25% more than its previous offer of £14.75 ($19.43) per share. The sale marks the end of an era for Fox patriarch Rupert Murdoch, who had repeatedly sought to gain full control of Sky. Fox's latest takeover attempt faced lengthy delays as UK regulators investigated whether Fox would be a "fit and proper" owner and whether full control of Sky would give Murdoch's family too much control over UK media.