UK Clears 21st Century Fox To Buy Sky

Comcast Raises Bid For Sky To $34 Billion, Tops Fox's Offer

Comcast, which increased its cash offer to 14.75 pounds per share on Wednesday, said Sky's independent committee of directors have recommended its cash offer.

Yet the media mogul faces stiff competition from U.S. giant Comcast, which on Wednesday night lodged a bid that valued Sky at £25.9bn, just hours after Murdoch has himself tabled an improved offer.

The offer brings it in line with Fox's bid of £14 per share, but below Comcast's bid of £14.75.

Fox's board is backing the Disney chief executive's offer and Fox shareholders are set to vote on the deal on July 27.

Now Walt Disney Co. and Comcast Corp. are trying to buy most of the 87-year-old's business empire, hoping his content and distribution channels will help them confront the rapidly emerging threat from Netflix Inc.

Since Comcast now has the highest bid for Sky, at 14.75 pounds per share, an improved bid for Fox could raise the value of Sky even higher. "It is now a matter for the Sky shareholders to decide whether to accept [a Murdoch] bid".

"21st Century Fox notes the announcement by the Secretary of State for Digital, Culture, Media and Sport approving the proposed acquisition by 21CF for the fully diluted share capital of Sky which 21CF and its affiliates do not already own", the US-based company said in a press release.

Peter Strzok Testifies Before House Committees
Strzok claimed that those messages should be taken in the proper context. Strzok says he never allowed personal opinions to taint his work.

The deal would put the stake in Disney's hands. Comcast said the offer values Sky on a price to earnings multiple of 22.9 times 2017 earnings. During their review of the deal that acceptance came down to eight factors, one of which was the U.S. Department of Justice's "apparent sensitivity to the potential anti-competitive effects of vertical integration" according to Fox's filing. In the US, Comcast rose 2.3% to 34.55 dollars and Fox fell 0.9% to 47.38 dollars.

And earlier this year, Disney created a direct-to-consumer and global unit.

Looking at how events are unfolding I would suggest that it appears as if Murdoch does not want to sell to Comcast and instead sell to Disney.

For now, investors are waiting to see what Mr. Murdoch will do next. Comcast is now also working on a counter proposal to top Disney's deal with Fox. Fox is yet to publish its offer document.

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.

City dealmakers are in line for a £340 million fees bonanza for their roles in the £26 billion bidding war for Sky.

The thing is, this is a complicated scenario, you see Fox already own a non-controlling stake in Sky, they always have done, it was Rupert Murdoch himself that started Sky back in the late 80's. Disney are, understandably, backing Murdoch in his aim to acquire the remaining stock of Sky.

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