Comcast makes formal bid of £22 billion for Sky

The American based cable operator, Comcast has formally put a bid of £22 billion forward to acquire Sky.

The move will see Comcast go head-to-head with 21st Century Fox, which also wants to buy the 61% of Sky that it does not already own.

Comcast has put an offer of £12.50 per share on the table as a part of its bid. Fox responded to Comcast’s bid by saying it was considering its options and said a further announcement would be made in due course.

21st Century Fox’s bid is currently be scrutinised by authorities for competition regulations. An announcement on the decision is expected by 1st May 2018.