Twenty-one months after 21st Century Fox first began trying to buy the remaining 61 percent stake in European media giant Sky that it didn’t already own, the company has lost an auction with Comcast for control of Sky. (Adweek)
After three rounds of bidding behind closed doors, Comcast offered the higher price of $22.58 per share, the equivalent of nearly $39 billion. Fox offered $20.47 per share. (New York Post / AP)
Sky shareholders now have two weeks to tender their shares to Comcast as they weigh the respective offers from Comcast and 21st Century Fox. In a statement following the auction, an independent directors committee for Sky plc urged shareholders to accept Comcast’s winning bid. (THR)
If a majority of Sky stock holders accept the Comcast offer, Comcast CEO Brian Roberts said he anticipates closing the deal before the end of October. Fox issued a statement saying it’s considering its options regarding its own 39 percent stake in Sky. (Deadline)
In Sky, Comcast would net a cutting-edge pay-TV service that boasts 23 million paying subscribers across Europe, in Britain, Ireland, Germany, Austria, and Italy. (Variety)