- Stock Market Live News Today: Nifty, Sensex gain over 2% each; bank, metal stocks shine
- RBI Monetary Policy Review: Top 20 statements from Governor Shaktikanta Das' MPC address
- 5G rollout: Xiaomi India shares big update on data packs, plans, bundled offers | Interview
- RBI Monetary Policy: Offline Payment Aggregators come under regulatory purview; on parity now with online peers
- Twitter shares update to make video experience better - Step-by-step guide
Comcast bags Sky for $40 billion, outbids Disney, Fox
Cable giant Comcast outbid 21st Century Fox and the Walt Disney Co. for Sky Television by offering nearly $40 billion for the satellite-TV service that boasts 23 million customers in five European countries.
Cable giant Comcast outbid 21st Century Fox and the Walt Disney Co. for Sky Television by offering nearly $40 billion for the satellite-TV service that boasts 23 million customers in five European countries. Philadelphia-based Comcast won a 24-hour auction conducted on Saturday by British regulators, reports.
The company bid 17.28 pounds a share for control of the London-listed Sky, versus an offer of 15.67 pounds a share offer by Fox, the Takeover Panel said in a statement. Rupert Murdoch`s Fox, which handled the bidding for Disney, offered about $35 billion or $20.63 a share.
The Sky victory is a relief for Comcast`s Chief Executive, Brian Roberts, who was twice spurned Murdoch when Roberts tried to buy much of 21st Century Fox. Instead, Murdoch made it clear that he wanted most of his entertainment empire to go to Burbank-based Disney.
Comcast`s repeated overtures forced Disney Chief Executive Bob Iger to spend nearly $18 billion more than he initially planned, or $71.3 billion, to purchase the Fox assets. But with help from Fox, Iger succeeded in driving up the price that Comcast ended up paying for Sky.
Watch This Zee Business Video Here:
If Comcast`s winning offer of Comcast is approved, it will own the 61 per cent of Sky. Now, Disney will need to decide whether it will sell it`s 39 per cent stake to Comcast, or if it will remain a minority partner, latimes.com reported.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.