Comcast challenges Fox with $31bn offer for Sky

  • Comcast challenges Fox with $31bn offer for Sky

Comcast challenges Fox with $31bn offer for Sky

While Fox's 39 percent stake in Sky and the agreed takeover by Murdoch has produced complications around the company, it also presented the opportunity to bid, and Roberts said that his London visit was a reminder of Sky's fundamental value.

Comcast boss Brian Roberts is driving a Sky-shaped wedge between Walt Disney and Twenty-First Century Fox.

U.K. shares were modestly higher on Tuesday after housebuilder Persimmon delivered an "excellent" performance in 2017 and Comcast Corp, the biggest cable operator in the United States, offered to pay $31 billion to buy Sky Plc.

It's obviously a huge gauntlet that's been laid down to the Murdochs. Fox's shareholding in Sky is one of a number of assets it ultimately hoped to flog to Disney.

21st Century Fox restarted takeover plans at the end of 2o16 but has repeatedly run up against regulatory hurdles.

"It's obviously a huge gauntlet that's been laid down to the Murdochs in relation to their pre-existing offer", said Alice Enders, head of research at Enders Analysis. £13 plus is now the marker which may be too much for Disney and/or Sky.

"Sky is a very attractive business". The fine print of the Disney deal stipulates that Disney must approve of any sale of Sky shares.

Murdoch's Fox had been slowly edging toward a deal for Sky in recent weeks, eight years after he first made an offer for the whole company.

Comcast announced that it still has not engaged with Sky regarding its proposal and Sky had not yet responded to it.

"We don't see any material issues and expect to receive the necessary approvals in a timely manner", Roberts said. He also said: "We would like to buy all of Sky", but 50 percent plus one share is the cut-off point for the company. Comcast was considering making another bid for Fox assets this month, according to a person familiar.

The interest from Comcast has further complicated Fox's activity as it has agreed to sell its entertainment assets to Disney for $52 billion (£37 billion). Comcast is the biggest USA cable-TV operator and also owns one of the largest film and television groups, NBCUniversal. "Sky's content relationships are with some of the same companies that Comcast has relationships with such as HBO".

"Sky News is an "invaluable part of the United Kingdom news landscape", said the group".

"Comcast intends to use Sky as a platform for growth in Europe".

Then he said he talked to a Sky salesperson at a Westfield mall in London, and came away impressed with Sky's offerings. Iger is also a long-time rival after Comcast tried and failed to buy Disney for $54 billion in 2004.

This article was updated to note Sky's statement.

The company made an all-cash offer of £12.50 per share, 16 percent higher than the offer made by 21st Century Fox (NASDAQ: FOXA).

In the United Kingdom, the Competition and Markets Authority has expressed concern that the Murdoch Family Trust will seek to influence culture and political opinion in Europe with assets like Sky News, much in the same way it does in the USA with Fox News.