Comcast outbids Fox with $39 billion offer for Sky in auction

Marco Green
September 22, 2018

21st Century Fox, the film and television giant, and Comcast, the U.S. cable provider, have until late this afternoon to table their final and best bids.

Fox now has a £14 per share bid on the table for the 61 per cent of Sky it does not already own, while Comcast has tabled a higher bid of £14.75.

Comcast beat Rupert Murdoch's Fox in a rare blind auction process set by the UK's Takeover Panel.

Comcast's final offer was significantly higher than its bid going into the auction of 14.75 pounds, and compares with Sky's closing share price of 15.85 pounds on Friday.

Corporate takeovers are rarely settled at an auction, and the Sky deal will be the biggest ever in the United Kingdom to be decided in this manner.

Sky's 23m subscribers and Premier League football rights make it one of Europe's most profitable TV companies.

Fox had looked set to take over the 61% of Sky it does not already own until Comcast topped its bid.

Other reports by Click Lancashire

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