Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Comcast bids $34bln for Sky, tops Fox’s offer

Comcast announced its cash offer has been recommended by Sky’s independent committee of directors and that it has committed financing required for the deal.
Comcast bids $34bln for Sky, tops Fox’s offer
Comcast said it expects to complete the acquisition before the end of October 2018.

Comcast Corp. (NASDAQ:CMCSA) has boosted its cash offer for Sky PLC (LSE:SKY) to US$34bln, topping 21 Century Fox Inc.'s (NASDAQ:FOXA) latest bid of US$32.5bln. 

In yet another twist to the takeover saga, Comcast said its cash offer has been recommended by Sky’s independent committee of directors and that it has committed financing required for the deal.

"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," the company said in a release on Wednesday evening. 

READ: Clash of the (media) titans: What is driving the Fox, Comcast, Disney bidding war over Sky?

The company said it has received regulatory approvals in the EU, Austria, Germany, Italy, and Jersey and expects to complete the acquisition before the end of October 2018. 

Shares of Comcast were up 1.30% at US$33.78 on Wednesday. 

View full CMCSA profile View Profile

Comcast Timeline

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use