Published: Fri, July 13, 2018
Money | By Arnold Ball

New Sky Bid Could Mean Comcast Is Backing Down From Disney/Fox Deal

New Sky Bid Could Mean Comcast Is Backing Down From Disney/Fox Deal

Rupert Murdoch's 21st Century Fox has kicked off a potential bidding war with United States entertainment giant Comcast after making a new offer for the 59pc of Sky it does not already own that values the UK-based broadcaster at £24.5bn.

Multinational mass media corporation 21st Century Fox on Wednesday said it has raised its offer to buy United Kingdom's Sky Plc.

During their bidding war with Comcast, Disney suggested $38 per share in cash and stock for Fox's assets, which was approved by the Justice Department with the condition (that Fox agreed to), that Fox's regional sports networks are divested.

Of course, there's still time for Comcast to make yet another counteroffer, forcing Disney to increase its bid once more.

However, Comcast's new offer, more than 5% over Murdoch's latest deal, has won the recommendation of Sky's independent committee. At present, Disney appears to have the upper hand in the contest for Fox, stirring speculation that Comcast will redirect its firepower into snatching away Sky as a standalone acquisition. Murdoch has a deal to sell Fox's entertainment assets including its Sky stake to Disney, though Comcast is weighing another bid for the Fox portfolio. Disney said in June it is offering more than $71 billion for Fox's entertainment businesses in a counterbid to Comcast's almost $66 billion offer.

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India will look to start the English summer tour keeping 2019 World Cup in mind as it will be played in England as well. That's why those results followed after (in the ODI and the T20I series, both of which India won comfortably).

Neither Comcast nor Sky immediately responded to requests for comment.

"This transformative transaction will position Sky so that it can continue to compete within an environment that now includes some of the largest companies in the world", Fox said.

Rupert Murdoch's Fox has been waiting for approval from United Kingdom regulators before putting the deal to shareholders. According to some shareholders, that has set an implied higher floor for Sky's shares.

Fox's long-running pursuit for all of Sky has been plagued by United Kingdom government fears over media plurality and broadcasting standards and the influence of Australian-born USA citizen Murdoch.

The Government has already separately cleared Comcast's bid for Sky. News Corp., which is controlled by the Murdochs, withdrew its bid for Sky soon after.

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