Comcast Formalizes Its Offer For Sky

25 April, 2018, 16:09 | Author: Kathy Ellis
  • Jack Dorsey

LONDON - The US entertainment giant Comcast has made a £22 billion ($30.7 billion) bid for Sky, gate-crashing Rupert Murdoch's takeover attempt for the British and European broadcaster.

Comcast is offering 12.50 pounds per Sky share in an all-cash deal, the Philadelphia-based company said in a statement Wednesday, confirming a proposed offer it made on February 27.

The cable company also announced its intention to enter into legally binding commitments regarding Sky and investment in the United Kingdom, including for Sky News, the loss-making...

The proposed combination has been further complicated by Fox's agreement to sell many of its TV and film assets to Disney, including its 39 percent stake in Sky. According to a recent SEC filing, the family of 21Century Fox executives will make more than $206 million once the enormous Disney-Fox deal is completed and finalized.

As part of its post-offer assurances, the group confirmed plans to establish a Sky News board, which will be maintained for at least 10 years, as well as promising annual expenditure on Sky News will be at least equal to that of the past financial year. However, there's no certainty that Comcast will be able to pull off the offer.

"We have long believed Sky is an outstanding company and a great fit with Comcast", Brian Roberts, the chairman and CEO of Comcast, said in a statement.

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And in a bid to head off any competition concerns, the group said it would vow not to acquire any majority stake in any United Kingdom newspapers for five years.

A year earlier, Comcast earned 53 cents a share on sales of $20.46 billion.

The interloper also sought to tackle the concerns over the future of Sky News that have dogged the Fox bid. The bid represents a 16% premium on the latest offer from Murdoch's 21st Century Fox.

A tie-up between the two would create a business with around 52 million customers and give Comcast a platform for growth across Europe.

21st Century Fox said in a statement it "remains committed" to its December 2016 bid but added that it was "currently considering its options".

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