Comcast beats Fox in Sky auction with $39B bid
LONDON — Comcast has emerged as the top bidder for European broadcaster Sky after a rare auction held by British regulators.
After three rounds of secret bidding on Friday and Saturday, Comcast offered the higher price of 17.28 pounds ($22.58) per share for Sky, the equivalent of nearly 30 billion pounds ($39 billion). Rival 21st Century Fox offered 15.67 ($20.47) per share.
Sky shareholders must now decide whether to sell their shares to Comcast. Comcast said it hoped to complete the sale by the end of October.
“Sky is a wonderful company with a great platform, tremendous brand and accomplished management team,” Comcast Chairman and CEO Brian Roberts said in a statement. “This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.”