Murdoch refused higher Comcast bid to go with Disney
Murdoch refused higher Comcast bid to go with Disney
Sky delivers strong quarter ahead of expected Fox-Comcast bidding war
20 April, 2018, 11:05
The most recent battle to acquire Sky begin in December of 2016 when 21 Century-First Century Fox part of Rupert Murdoch's media empire and owner of 39% of the company announced his intentions to buy the remaining 61%.
Since then, the deal has been stuck in regulatory purgatory, a tortuous process due to end in June.
Walt Disney Co. said in an SEC filing Wednesday that potential regulatory risk including the "possibility of an outright prohibition" led 21st Century Fox Inc.to decline a higher offer from a third party, reportedly Comcast Corp., before agreeing to Disney's $52.4 billion acquisition deal in December.
In its USD52.4 billion deal with Disney, Fox agreed to sell its television and film studios; cable networks; global assets including Star India and its stake in European operator Sky PLC; its stake in streaming service Hulu; and its 22 regional sports networks.
Mr Murdoch and Fox are in the midst of a protracted regulatory review and will sell 100 per cent of Sky to Disney if the acquisition is approved by the United Kingdom government.
Fox also has a possible contender for Sky with Comcast saying in February that it was considering making an offer.
Fox/Disney and Comcast want to buy Sky to scale up against online groups Netflix Inc (NFLX.O) and Amazon.com Inc (AMZN.O).
Group chief executive Jeremy Darroch said: "Against the backdrop of a challenging consumer environment, this performance reflects the continual improvement in our broad set of products and services".
It will launch streaming service Spotify (SPOT.N) on its flagship Sky Q platform next week, and will offer Netflix (NFLX.O) in a Sky package in Britain before the end of the year, he said.
Sky said customers will see even more entertainment choices through the company's pioneering partnerships with Spotify and Netflix and its new Premier League contract which keeps the rights for the United Kingdom through 2022.
Sky shares were trading at 13.05 pounds at 1036 GMT, down 0.3 percent.
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