Comcast outbids Fox to buy Sky for £30.45bn

Irving Hamilton
September 22, 2018

USA cable giant Comcast bid 17.28 pounds a share for control of London-listed Sky during the auction, bettering an 15.67 pounds a share offer by Fox, the Takeover Panel said in a statement shortly after final bids were made on Saturday.

Fox now has a £14 per share bid on the table for the 61 per cent of Sky it does not already own, while Comcast has tabled a higher bid of £14.75. Fox's highest offer was worth £27.6 billion, Britain's Takeover Panel said in a statement. Then the Sky board will make a recommendation, and Sky shareholders have until October 11 to vote.

The outcome will end almost two years of uncertainty for Sky, which agreed to be acquired by 21st Century Fox in 2016.

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In July, Fox raised its offer to £24.5bn, but this was trumped by a £26bn bid from Comcast.

The process has also been beset by regulatory issues amid concerns over media plurality and the degree of Mr Murdoch's influence over the United Kingdom media landscape.

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