Dismiss

Rupert Murdoch's Fox to sell stake in Sky to Comcast after losing bidding war

Rupert Murdoch’s 21st Century Fox is to sell its 39 per cent stake in broadcaster Sky to Comcast.

Fox said that following Comcast’s victory in a £30bn bidding war for the British broadcaster, it would either accept the US cable giant’s offer or sell its stake at the offer price of £17.28.

It means that the Murdoch family will relinquish their holding in Sky.

However, since Fox made its first bid nearly two years ago, it has agreed to sell a major chunk of its business – including its existing 39 per cent Sky stake – to Walt Disney, which has rubber stamped the sale to Comcast.

Offloading the stake will net the firm around £11.9bn.

Sky chief executive Jeremy Darroch said: “Nearly 30 years ago Rupert Murdoch took a risk to launch Sky and in the process changed the way we watch television forever.

“His vision and belief has enabled us to grow in to Europe’s leading direct to consumer media business and I would like to personally thank him, James [Murdoch] and 21CF for their consistent support as shareholders, board members and friends.

“On behalf of all our employees I would also like to thank James for his chairmanship as we have transformed Sky over the past decade.

“With 21CF announcing its intention to sell its shares to Comcast we close one chapter while simultaneously opening another. Our aim is to make the next 30 years as exciting for customers, colleagues and all our stakeholders.”

Picture: Chris Radburn/PA Wire 

Comments

1 thought on “Rupert Murdoch's Fox to sell stake in Sky to Comcast after losing bidding war”

Leave a Reply

Your email address will not be published. Required fields are marked *