Thursday, 18 October, 2018

UK Clears 21st Century Fox To Buy Sky

Fox which already owns 39 per cent of Sky and Comcast are fighting for control of the British pay-television group. — Reuters pic UK Clears 21st Century Fox To Buy Sky
Russell Knight | 16 July, 2018, 01:40

Additionally, Comcast has announced that its increased superior cash offer has been recommended by the Sky Independent Committee of Directors.

Comcast expects to pay the banks, law firms and other advisers on its £25.9 billion (RM138.8 billion) bid for Sky as much as £243 million if it wins the battle for the British broadcaster, the U.S. cable giant said yesterday.

The offer brings it in line with Fox's bid of £14 per share, but below Comcast's bid of £14.75. Shareholders of Disney and Fox are set to vote on the deal for the Fox assets on July 27. This means it would probably poses a real challenge to Netflix, given Disney's rich content portfolio.

"It's too low", Odey, a former son-in-law of Murdoch whose eponymous hedge fund is a Sky shareholder, said of the sweetened Fox offer.

"21st Century Fox notes the announcement by the Secretary of State for Digital, Culture, Media and Sport approving the proposed acquisition by 21CF for the fully diluted share capital of Sky which 21CF and its affiliates do not already own", the US-based company said in a press release.

Comcast was also involved, competing with Disney for the purchase of Fox. Iger sees an opportunity to expand Disney's direct to consumer offerings and worldwide presence and make Disney a global entertainment company with the United Kingdom pay-TV operator's 23 million customers. So would Comcast only get a controlling stake or would Fox be forced to sell their current shares to Comcast? In the U.S., Comcast rose 1.8 percent to $34.39 and Fox fell 0.5 percent to $47.54.

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However, because cosmic rays are charged particles, their paths can not be traced directly back to their places of origin. Still, astronomers are excited by the potential for a new field of astronomy - neutrino astronomy.

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Last October, Modric was named for the third time in the FIFA FIFPro team selected by thousands of professional players. Southgate preferred to focus on the positives. "It's been an incredible experience, a life experience", he said.

Long-term goals: Murdoch is keeping news and major live sports assets seen as less vulnerable to online ads and streaming.

The stock is trading above Comcast's bid amid investor anticipation that Fox will return with a better offer. Fox recently accepted Disney's $71 billion offer.

However, British regulators have indicated that if Disney succeeds in buying Fox, including the 39 percent stake in Sky, it would be required to offer the same price for the remainder of Sky.

The standoff pits the industry's biggest names against each other, with Mr. Roberts, the Murdoch family and Disney's Bob Iger engaged in a multibillion-dollar game of chess to reshape the global entertainment business. Murdoch's higher bid for Sky earlier Wednesday put pressure on Comcast Chief Executive Officer Brian Roberts to come back with a higher price. They've been enforcing what's known as the chain principle, which mandates a full takeover bid for a company if a buyer acquires more than 30 percent of its shares, even if those shares are acquired as part of a larger deal.

"We continue to believe that if Comcast really wants to own Sky, their best way to do it is by acquiring the Fox assets - victor takes-all was always the scenario that appeared most likely to us".

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