Sunday, 21 October, 2018

Murdoch's Fox ups Sky bid to $32.5 billion, all eyes on Comcast

The offer is likely to be followed up by another from Comcast a rival bidder for Sky which screens hit shows such as Westworld The offer is likely to be followed up by another from Comcast a rival bidder for Sky which screens hit shows such as Westworld
Lora Ball | 12 July, 2018, 04:36

British pay-TV group Sky said Wednesday it accepted a sharply increased offer from 21st Century Fox to acquire the pan-European company, according to the Financial Times.

Comcast Corp. boosted its bid for Europe's Sky TV to $34 billion on Wednesday evening, in a global I-can-do-you-one-better takeover battle with Rupert Murdoch. Rupert Murdoch's Hollywood studio has reached an agreement with Sky's Independent Committee for the higher offer at a price of £14 for each Sky share.

The end of the week is also be the deadline for Comcast to post an offer to Sky shareholders, who then have 60 days to consider that offer under United Kingdom takeover rules.

The UK government has already said it's likely to approve Fox's bid for Sky after Fox satisfied concerns over media plurality. Subscribe today and listen on the go!

The agreed price represents an 82% premium to Sky's shares in December 2016, before 21st Century Fox struck its original deal to buy Sky, and a multiple of 21 times 2017 earnings per share. "So it is right that if there is any doubt about whether the proposed solution is workable, then it is the duty of the Secretary of State [Hancock] to ensure that this merger is blocked", Watson told the publication.

Trump lashes out at North Atlantic Treaty Organisation allies calling for increase in defence spending
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‘Goosebumps 2’ trailer invites you to a very ‘Haunted Halloween’
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Cardi B countersues her former manager for $15 mn
According to TMZ , the rapper has struck back with a counterclaim against her ex-manager, a man professionally known as Shaft . He claims he's entitled to money because he made Cardi a star and she froze him out of her career.

Even as 21st Century Fox shareholders prepare to look at Disney's latest bid, Comcast is getting ready to increase its offer. Sky shares fell as much as 2% in early trading, as some investors had expected a higher counter from Fox (fox).

Should Disney succeed, it will obtain Fox's 39 per cent stake in Sky as part of the package.

Fox's bid for Sky is the most recent episode in Murdoch's long-running effort to take full control of the company. Its board had previously approved Fox's takeover of the company, but withdrew that blessing after Comcast unveiled its counteroffer in April. Analysts said it was not a knock-out, and Fox did not say it was its final offer.

Last month, the Justice Department gave Disney the green light to purchase Fox provided it sold off the regional networks.

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