What happens now that Comcast has upped its bid for Sky

13 July, 2018, 10:17 | Author: Kevin Carter
  • Currently Comcast’s $29 billion bid has been accepted by U.K. regulators without conditions

Earlier on Wednesday, Rupert Murdoch's 21st Century Fox bid £14 a share for Sky.

During their bidding war with Comcast, Disney suggested $38 per share in cash and stock for Fox's assets, which was approved by the Justice Department with the condition (that Fox agreed to), that Fox's regional sports networks are divested.

Now, Comcast has made a new $34 billion offer for Sky, a move that some analysts believe means Comcast is planning to back away from the deal between Disney and Fox. Comcast said on Wednesday that Sky's independent board committee supports its offer that it plans to mail to Sky shareholders within days.

To remedy this, Fox has proposed to sell Sky News to Disney as part of a full takeover.

While 21st Century Fox shareholders are poised to meet on July 27 to discuss the Walt Disney Co.

Sky has always been seen as Comcast's priority by many analysts when it came to bidding on Fox, though it was previously believed that Comcast might be making a play for 100 percent ownership of Sky prior to the bidding war with Disney.

Neither Comcast nor Sky immediately responded to requests for comment.

More news: Michael Vaughan heaps praise on India following win at Trent Bridge

The skirmish for control of Sky is being fought in the shadow of an even bigger battle - a struggle for control of prized entertainment assets owned by Fox, including its stake in Sky.

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

What's Next For the Disney-Fox Deal?

"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.

Sky is at the centre of a transatlantic takeover tussle between Mr Murdoch's Fox and Comcast, which owns NBC, Universal film studios and E!. Analysts said it was not a knock-out, and Fox did not say it was its final offer.

Murdoch's company still faces significant regulatory battles in Britain, including the culture secretary's statement that Fox would have to sell Sky News to win government approval because of concerns about media plurality.

"There are enough sub-plots in the race to acquire Sky to commission a primetime drama", Salmon said.

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