Comcast takes Sky: Fox and Disney agree to sell stake in European broadcaster

Comcast is getting all of Sky.21st Century Fox announced Wednesday that it would sell its 39% stake i...

Posted: Sep 26, 2018 5:26 PM
Updated: Sep 26, 2018 5:26 PM

Comcast is getting all of Sky.

21st Century Fox announced Wednesday that it would sell its 39% stake in Sky to Comcast, which won majority control of the European broadcaster in a dramatic auction over the weekend. Disney, which had backed Fox in the auction, said it had consented to the sale.

"In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF's existing 39% holding in Sky to Comcast," Fox said in a statement. "We congratulate Comcast on their pending acquisition."

Comcast outbid Fox and Disney on Saturday in a rare auction for most of Sky that was administered by the UK Takeover Panel.

The US media company's final bid was £17.28 ($22.65) per share, valuing Sky at £30.6 billion ($40.1 billion). That was over 25% more than its previous offer of £14.75 ($19.43) per share.

The sale marks the end of an era for Fox patriarch Rupert Murdoch, who had repeatedly sought to gain full control of Sky.

Fox's latest takeover attempt faced lengthy delays as UK regulators investigated whether Fox would be a "fit and proper" owner and whether full control of Sky would give Murdoch's family too much control over UK media.

The battle took on added significance earlier this year when Disney outbid Comcast for a big chunk of Fox's assets including its existing stake in Sky.

Attention then turned to the battle for the remaining 61% of Sky.

On one side of the fight was Fox and its backer Disney. On the other was Comcast, which swooped in with an offer for Sky in February.

Both Comcast and Fox wanted to add Sky to their portfolios to help them compete with the likes of Netflix and Amazon. Sky is a leader in pay TV in the United Kingdom and other markets including Germany and Italy. It also sells broadband and mobile phone services.

Disney said in a statement on Wednesday that it would use the proceeds from the sale of its Sky stake to help pay for the Fox purchase. The sale should raise roughly $15 billion.

"The sale of Fox's Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers," Disney CEO Robert Iger said.

Disney said it plans to expand and invest in streaming services including Hulu, in which it will soon own a 60% stake. The other major investor in Hulu is Comcast, which owns 30%.

Comcast declined to comment on Wednesday.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 34211

Reported Deaths: 2125
CountyConfirmedDeaths
Marion9761576
Lake3573186
Allen160069
Cass15877
St. Joseph126634
Elkhart126228
Hendricks116671
Hamilton115493
Johnson1097108
Madison58659
Porter53428
Bartholomew50834
Clark49741
LaPorte43023
Howard40428
Tippecanoe3933
Delaware38536
Jackson3821
Shelby37122
Hancock33127
Floyd31839
Boone31635
Morgan27824
Vanderburgh2662
Montgomery23817
White2338
Noble22821
Clinton2271
Decatur22431
Grant21022
Dubois1993
Harrison19422
Henry17211
Greene16924
Vigo1688
Dearborn16821
Monroe16712
Warrick16628
Lawrence15924
Miami1401
Putnam1367
Jennings1304
Kosciusko1271
Orange12622
Scott1193
Franklin1108
Ripley1086
Marshall1021
Carroll932
Daviess8516
Steuben832
Wayne785
Fayette777
Newton7710
Wabash772
LaGrange762
Jasper661
Washington521
Clay511
Jay500
Fulton491
Randolph473
Rush462
Pulaski460
Jefferson451
Whitley413
Starke393
DeKalb371
Sullivan351
Owen341
Brown331
Perry320
Wells310
Benton300
Knox280
Huntington272
Tipton251
Blackford252
Crawford240
Fountain212
Switzerland200
Spencer201
Parke170
Adams171
Posey160
Gibson152
Ohio130
Warren121
Martin110
Vermillion100
Union90
Pike60
Unassigned0167
West Lafayette
Clear
63° wxIcon
Hi: 73° Lo: 50°
Feels Like: 63°
Kokomo
Clear
58° wxIcon
Hi: 70° Lo: 47°
Feels Like: 58°
Rensselaer
Clear
57° wxIcon
Hi: 70° Lo: 48°
Feels Like: 57°
Fowler
Clear
57° wxIcon
Hi: 71° Lo: 50°
Feels Like: 57°
Williamsport
Clear
62° wxIcon
Hi: 73° Lo: 50°
Feels Like: 62°
Crawfordsville
Clear
61° wxIcon
Hi: 72° Lo: 50°
Feels Like: 61°
Frankfort
Broken Clouds
62° wxIcon
Hi: 71° Lo: 49°
Feels Like: 62°
Delphi
Clear
58° wxIcon
Hi: 71° Lo: 48°
Feels Like: 58°
Monticello
Clear
58° wxIcon
Hi: 71° Lo: 47°
Feels Like: 58°
Logansport
Clear
57° wxIcon
Hi: 70° Lo: 46°
Feels Like: 57°
Cooler, less humid weather continues Sunday
WLFI Radar
WLFI Temps
WLFI Planner

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events