Comcast Outbids Murdoch for Sky News With $31B Cash Offer
Comcast has made a formal $31 billion offer to buy Sky News, threatening media mogul Rupert Murdochs effort to buy the remaining 61 percent of the satellite TV operation it does not own for about $26 billion, the BBC and Variety reported. Comcasts offer would acquire Sky for $17.43 a share, while 21st Century Fox would only pay $14.99 per share. As a result, Sky withdrew its recommendation for the Fox bid following Comcasts move, BBC reported. Comcast Chairman and CEO Brian Roberts said on an earnings call to investors that it didnt necessarily need the acquisition, but saw Sky as a unique asset
and is aligned with our strategy of integrating programming and distribution. Roberts added that the purchase of Sky would be the companys platform for growth across Europe. Comcast already owns NBCUniversal and and Universal Pictures.
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