Comcast wins an offer for Sky after outbidding Fox with $40 billion

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According to recent reports, on Saturday, in the battle for Sky (SKYB.L), Comcast (CMCSA.O) outbid the Rupert Murdoch’s 21st Century Fox (FOXA.O) after Comcast offered 30.6 billion pounds which is equivalent to $40 billion in the dramatic auction which was currently held in deciding the fate of the existing pay television group. On the other, according to Britain’s Takeover Panel, the U.S. cable giant during the auction bided at 17.28 pounds share for the control of the London listed Sky, thereby outbidding 15.67 pounds share offer which was made by Fox. More so buying Sky will uplift making the company a Philadelphia based Comcast, which according to reports owns the Universal Pictures and NBC network. This two are considered the paying TV operator, with around 52 million customer’s world -wide. Brian Roberts, who is the Chairman and the chief executive one time had eyes on Sky and that as a way to counter the declines in the subscribers for the traditional cable TV and all its core, the U.S. market according to reports was a viewers of switching to video which is currently on demand services like the Amazon (AMZN.O) and Netflix (NFLX.O).

However, Brian Roberts, in his statement said that this was a great day for Comcast. he added that all This acquisition will quickly allow us to meaningfully and efficiently increase our customer who are based to expand internationally. In addition to this Comcast’s outbidding Murdoch’s long-awaited ambition in winning the Sky control offer thwarted and thereby became a setback to the U.S. entertainment giant Walt Disney (DIS.N) which according to reports would be its ultimate owner. Disney however agreed on a $71 billion separate deal to purchase most of the films produced by the Foxs film and more so some of their TV assets, which includes the existing of merely 39 % stake in the Sky company and this will have taken full control and ownership after Fox takeover was successful. Comcast on the other hand final offer was a long jump on the ongoing bid which according to auctioning panel was heading to be auction at 14.75 pounds and price was similar to Sky’s closing price which was at 15.85 pounds by the end of Friday.