ZCZC
BCN-21
BRITAIN-US-TAKEOVER-TELEVISION-SKY-COMCAST
21st Century Fox raises Sky bid in battle
with Comcast
LONDON, July 11, 2018 (BSSAFP) – Rupert
Murdoch’s 21st Century Fox on Wednesday
revealed it had increased a takeover offer for
pan-European TV group Sky, valuing the group at
o24.5 billion and trumping Comcast’s rival
offer.
21st Century Fox’s improved bid is for the
61 percent of Sky it does not own.
New York-listed 21CF raised its offer to
o14 for each outstanding share, up
substantially on a previous bid of o10.75.
Following the announcement, Sky’s share
price was down 1.3 percent at o14.81, though
above the improved offer.
“Today, 21CF and the Independent Committee
of Sky are pleased to announce that they have
reached agreement on an increased… cash
offer,” a statement said Wednesday.
Fox’s new bid values the whole of Sky at
o24.5 billion ($32.5 billion or 27.7 billion
euros), beating an offer of o22 billion from US
cable giant Comcast for the satellite TV group.
Fox’s long-running pursuit for all of Sky
has been plagued by UK government fears over
media plurality and broadcasting standards —
and the influence of Australian-born US citizen
Murdoch.
Murdoch owns major British newspaper titles
The Times and The Sun and critics say obtaining
full control also of the rolling television
channel Sky News would give him too much
influence in the news business.
To remedy this, Fox has proposed to sell Sky
News to Disney as part of a full takeover.
The pursuit for Sky is meanwhile further
complicated by a battle between Walt Disney and
Comcast for key assets of 21st Century Fox.
Should Disney succeed, it will obtain Fox’s
39 percent stake in Sky as part of the package.
Sky’s jewel in the crown is its live
coverage of English Premier League football,
while the group also provides broadband
internet and telephone services.
Sky changed its name from BSkyB after
agreeing in 2014 to buy Sky Italia and a
majority holding in Sky Deutschland.
In 2011, Murdoch was forced to abandon a
takeover bid for BSkyB — as controversy raged
over the hacking of celebrities and crime
victims by his tabloid the News of the World,
which was subsequently shut down.
BSS/AFP/HR/1340