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 4:26 PM
Updated: Sep 26, 2018 4:26 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.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 68293

Reported Deaths: 1944
CountyConfirmedDeaths
Hinds5656118
DeSoto368031
Harrison253036
Madison244368
Rankin229235
Jackson228843
Jones191659
Forrest182056
Washington168942
Lee147941
Lauderdale141192
Neshoba128692
Lamar122614
Oktibbeha112739
Bolivar111834
Warren109533
Lowndes108538
Panola106214
Sunflower105425
Scott100320
Lafayette98317
Copiah95728
Leflore94765
Pike93836
Holmes90049
Grenada84921
Yazoo83312
Lincoln83241
Pontotoc8308
Simpson80330
Monroe80155
Leake79025
Wayne77421
Coahoma77213
Tate73629
Marshall7019
Marion68420
Union64316
Adams62925
Winston62316
Covington62113
George5895
Pearl River55439
Newton54311
Tallahatchie53011
Attala52325
Walthall50120
Chickasaw47019
Noxubee45912
Alcorn4345
Tishomingo4216
Calhoun4209
Prentiss41710
Claiborne40913
Smith40613
Clay39714
Hancock39514
Jasper3889
Itawamba37510
Tippah36713
Tunica3517
Clarke32626
Montgomery3265
Lawrence3228
Yalobusha31510
Humphreys29411
Quitman2701
Carroll26111
Greene25512
Perry2437
Amite2356
Webster23512
Kemper23414
Jefferson Davis2336
Wilkinson21113
Stone2055
Sharkey1995
Jefferson1957
Benton1431
Choctaw1354
Franklin1312
Issaquena262
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 99926

Reported Deaths: 1781
CountyConfirmedDeaths
Jefferson13258244
Mobile10517207
Montgomery6835149
Madison544734
Tuscaloosa423076
Baldwin365125
Unassigned363064
Shelby330936
Marshall318937
Lee270047
Morgan241118
Etowah216232
DeKalb183013
Calhoun180717
Elmore173138
Walker153964
Houston141912
Russell13872
St. Clair135418
Limestone134913
Dallas133123
Franklin128820
Cullman122712
Colbert120716
Lauderdale118919
Autauga117421
Escambia108717
Talladega104814
Jackson10144
Tallapoosa86579
Chambers84438
Dale83525
Clarke82610
Blount8124
Chilton8097
Butler76736
Coffee7646
Covington73720
Pike7087
Marion58026
Barbour5765
Lowndes57324
Marengo56515
Hale47826
Bullock46611
Winston45711
Perry4454
Washington44312
Bibb4425
Wilcox43210
Monroe4215
Pickens4049
Randolph40310
Conecuh39310
Sumter36418
Lawrence3512
Macon33914
Crenshaw3265
Choctaw28712
Cherokee2758
Henry2643
Clay2635
Geneva2631
Greene25211
Lamar2292
Fayette2125
Cleburne1271
Coosa1033
Out of AL00
Tupelo
Broken Clouds
76° wxIcon
Hi: 95° Lo: 74°
Feels Like: 76°
Columbus
Overcast
75° wxIcon
Hi: 94° Lo: 73°
Feels Like: 75°
Oxford
Clear
72° wxIcon
Hi: 94° Lo: 69°
Feels Like: 72°
Starkville
Broken Clouds
72° wxIcon
Hi: 92° Lo: 70°
Feels Like: 72°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather