Murdoch’s Fox raises bid for Sky to $32.5 billion

Murdoch’s Fox raises bid for Sky to $32.5 billion

The Comcast NBC logo is shown on a building in Los Angeles, California, U.S. June 13, 2018. That bid allowed Comcast to jump out ahead of Fox's $32.5 billion, or £14 per share, offer tendered earlier in the day, and Comcast's new bid earned the recommendation of the Sky Independent Committee of Directors. Topping Comcast's 12.50 pounds a share.

The decision by Jeremy Wright clears the final regulatory hurdle for Fox's bid for the 61 percent of Sky that it does not already own. Murdoch has a deal to sell Fox's entertainment assets including its Sky stake to Disney, though Comcast is weighing another bid for the Fox portfolio.

The culture secretary has approved the proposed takeover of Sky by 21st Century Fox - as a bidding war with rival Comcast intensifies.

The report notes if Comcast walks away with Sky, that it may decide to give the remainder of the Fox assets to Disney, as has been previously reported, as Comcast is looking to increase its foreign market and really wants Sky to do so.

Present in 23 million homes across Europe, Sky is a prized asset, with a slate of top sport and original drama content.

Chaplin fears that Comcast could overpay for Sky and possibly Fox, leading to tough ramifications for the company's stock price.

Sky shares traded at £14.90 as of 9:55 am in London.

Should Disney succeed, it will obtain Fox's 39 per cent stake in Sky as part of the package. According to some shareholders, that has set an implied higher floor for Sky's shares. Is this the deal that inspires more or scares off others?

The end of the week is also be the deadline for Comcast to post an offer to Sky shareholders, who then have 60 days to consider that offer under United Kingdom takeover rules.

"Disney's internal forecasts now, on the basis of the cash flows they've published for Sky, would value it at 16 pounds", he said. Fox has increased its bid by just over 30 percent since its first offer in December 2016.

The Government had been concerned over the impact that Fox's takeover of Sky could have on United Kingdom media, given that the Murdoch family also owns News Corp - the publisher of a raft of newspapers including The Sun and The Times.

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