Comcast Corp (NASDAQ:CMCSA) will stop buying Sky PLC’s (LON:SKY) shares in the market after taking a 38% stake in the UK broadcaster at a weekend auction and a further 39% holding from Twenty-First Century Fox Inc (NASDAQ:FOXA).
On Saturday Comcast outbid Rupert Murdoch’s Fox in an auction for a 38% stake in Sky. The US cable company offered £17.28 per share, which was £1.61 ahead of Fox's bid of £15.67, valuing Sky at about £27.9bn.
Separately, Comcast will also buy Fox’s 39% interest in Sky, which would have gone to Walt Disney Co. (NYSE:DIS) as part of the Mickey Mouse creator’s US$71bn acquisition of Fox’s entertainment assets.
Disney decided to sell the Sky holding rather than remain a minority shareholder, paving the way for Comcast to take a controlling interest of 51%.
Comcast will issue the offer document on Thursday. Shareholders will then be able to tender their shares in the normal way up until October 11.