Monday, September 24, 2018

Comcast Hoping Disappointed Disney Unloads Its Share of Sky

Now that Comcast has trumped Fox and Disney's bid to buy 61 percent of U.K. pay-TV company Sky, attention is turning to the other 39 percent — as well as streaming platform Hulu, according to CNBC.

The cable and entertainment giant outbid Fox, working in concert with Disney, by more than 1.50 pounds per share Saturday, and earned the recommendation of Sky's board. Comcast's offer valued the publicly traded portion of Sky at about $39 billion.

In a separate transaction, Fox is selling Disney the rest of Sky as part of a $71.3 billion deal announced earlier this year. Based on Comcast's valuation for Sky, that stake is now worth about $25 billion.

Comcast expects Disney will let go of its 39 percent stake, giving CEO Brian Roberts complete ownership of the TV distributor and owner of content, including Premier League rights, according to people familiar with the matter. The simplest way of doing this would be for Fox to offer its shares in Sky at the price Comcast offered yesterday. The cash proceeds would then go to Disney.

Still, no decision has been made by Fox and Disney yet.

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