Comcast Becomes Major Shareholder in Sky as Fox Decides to Sell

Comcast has beaten 21st Century Fox at the recent sealed bid auction for Sky, with a bid of £17.28 per share (about $22.50).

Comcast initially acquired 30% of Sky shares, while the company’s success at the auction made its offer mandatory for any shares it didn’t currently hold, with Fox officially out of the running.

With Disney’s consent, 21st Century Fox then announced that it would sell its current 39% share of Sky to Comcast, worth £11.6 billion ($15.2 billion) under the terms of Comcast’s winning offer, making it the new majority shareholder in Sky.

Sky’s independent committee is urging the company’s other shareholders located outside the US accept Comcast’s offer immediately, ahead of a potential delisting of Sky. Due to regulatory stipulations, any shares that would be sold from within the US are not eligible for purchase.