Media

Comcast Ups Offer for Sky, for the Time Being

Douglas A. McIntyre

Published: July 11, 2018 6:32 pm

Last Updated: January 11, 2020 9:10 pm

The multi-player battle for most of the assets of 21st Century Fox Inc. (NYSE: FOX) and the U.K.’s Sky continued as Comcast Corp. (NASDAQ: CMCSA) lobbed in another offer for the  British media property. Comcast said its bid was better than one from 21st Century Fox, which on the same hand has agreed to sell most of its assets to The Walt Disney Company (NYSE: DIS), which has been in a bidding war with Comcast for the same Fox assets.  Enough?

The massive U.S. cable and entertainment company even put out a press release:

Comcast Corporation (Nasdaq: CMCSA) (“Comcast”) today published an announcement containing the terms of an increased superior cash offer for the entire issued and to be issued share capital of Sky to £14.75per share (the“UK Increased Offer Announcement”). This implies a value of $34 billion (£26billion) for the fully diluted share capital of Sky .Additionally, Comcast announced that its increased superior cash offer has been recommended by the Sky Independent Committe of Directors. Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast. Today’s announcement further underscores Comcast’s belief and its commitment to owning Sky. Comcast has committed financing availble to satisfy the full cash consideration payable to Skyshareholders under the terms of the acquisition. Comcast has already received relevant regulatory approvals in the EU, Austria, Germany, Italand Jersey. Comcast expects to complete theacquisition before the end of October 2018

Now, it’s Fox’s turn. Or is it Disney’s?