Wednesday, 21 November, 2018

Comcast increases cash-offer for Sky to $34 billion

Fox which already owns 39 per cent of Sky and Comcast are fighting for control of the British pay-television group. — Reuters pic Comcast increases cash-offer for Sky to $34 billion
Jean Garcia | 16 July, 2018, 01:41

The new culture secretary, Jeremy Wright, has given the green light for Murdoch's 21st Century Fox to buy the remaining 61% of Sky he does not already own, on the proviso he sells Sky News to reduce his control of United Kingdom news media. But Roberts has to decide whether to top Disney's bid for the Fox assets before Fox shareholders vote on Disney's offer.

And earlier this year, Disney created a direct-to-consumer and worldwide unit. At the beginning of the week, shares in Sky were valued at £14.58 and have closed four days later at £15.45.

Sky has been thrust into the centre of a global tussle between media giants Disney and Comcast as they lead a fightback against the might of Amazon and Netflix.

The deal would put the stake in Disney's hands.

Comcast has been expected to abandon its bid for Fox and focus instead on winning Sky, according to Jonathan Chaplin, an analyst at New Street Research LLC.

Fox had revealed on Wednesday a higher, $US32.5 billion offer for Sky. Comcast now has the higher offer for Sky.

But the level at which Disney would be required to acquire the rest of Sky has recently been up in the air.

It comes as the battle between Fox and Comcast for Sky intensifies.

Long-term goals: Delrahim wants to unwind the AT&T deal and that stance could keep Comcast from counterbidding for Fox.

Iranian diplomat suspected of plotting attack in France
Pompeo said Iran continued to send weapons across the Middle East, " in blatant violation of #UN Security Council resolutions". Belgian authorities requested the extradition of both Assadi and Merhad A.

Next potential moves: Winning his appeal would help redeem Delrahim's agency after a stinging rebuke by US District Judge Richard Leon, who decided the case in favor of AT&T.

Given that the 39% stake - deemed a controlling shareholding - would be transferred to a new owner, rules stipulate that the new owner must offer the minority investors an opportunity to exit by buying out their shares.

This is ahead of Fox's most recent deal but below Comcast's offer of £14.75 per share that it made earlier this week, which values Sky at $34B.

New Culture Secretary Jeremy Wright gave Fox the green light to try and buy the remaining 61 per cent stake in Sky, the Guardian reported.

Long-term goals: The panel aims to treat all shareholders fairly in takeover scenarios.

Rupert Murdoch's 21st Century Fox said it had agreed to buy Britain's Sky in a deal valuing the pay-TV group at $32.5 billion (R437bn), trumping a rival offer from United States group Comcast.

The bidding war, even during deliberation has intensified.

Hong Kong-based hedge fund Case Equity Partners, a Sky investor, said the fact Disney was in a slightly more favourable position for Fox's US media assets meant Comcast would fight even harder to get Sky.

Comcast, the world's biggest entertainment group, said on Wednesday it had the backing of Sky's independent directors for a £14.75-a-share offer (equivalent to $25.67 a share) that came just 16 hours after Mr. Murdoch's Twenty-First Century Fox Inc. bid £14 ($24.36).

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