21st Century Fox to sell Sky stake to Comcast | Major Businesses | Business
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The stage is now very much set for Comcast to take full control of Sky after 21st Century Fox  agreed to sell its 39% ownership in the European pay-TV provider to the cable giant. 

comcast 27feb2018

21CF will sell the shares , with soon to be owner Disney’s blessing, at the £17.28 per-share price that Comcast has bid for the rest of the company. That bid values 21CF's Sky holding at £11.63 billion.

Fox backer Disney, which was set to acquire the Ruper Murdoch-owned firm's interest in Sky, is supporting the decision. It will "significantly" reduce Disney's debt in acquiring 21CF's media assets,21CF's media assets, Disney said, coupled with the divestiture of the Fox Sports Regional Networks (RSNs). It also allows for more investment in its streaming services (ESPN Plus and upcoming branded service) and in Hulu. Disney and 21CF each currently hold 30% stakes in Hulu.

“Along with the net proceeds from the divestiture of the RSNs, the sale of Fox’s Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers,” said Bob Iger, chairman and CEO at Disney.

The news comes as Comcast has acquired more than 30% of Sky shares, after submitting the winning bid Fox for UK broadcaster Sky.

The cable giant now owns a total of almost 516 million shares of Sky, according to an official statement from the London Stock Exchange – a move calculated to add momentum to the transaction with Sky. It also said that it would continue to make further purchases of Sky’s shares.

"Comcast Bidco [the purchasing subsidiary] will continue to acquire Sky shares in the market from eligible shareholders outside the United States at up to and including £17.28 in cash for each Sky share," said the statement.