Comcast rivals 21st Century Fox’s offer to takeover Sky

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US broadcasting giant, Comcast has entered the race to takeover Sky in the UK.

Comcast’s bid of £22 billion outbids Rupert Murdoch’s £18.5bn deal to buy the 61% of Sky it does not already own.

Comcast Chairman Chief Executive, Brian Roberts said, “We think Sky is an outstanding company.”

“We think that Sky would be very valuable to us as we look to expand our presence internationally. The superior cash proposal values each Sky share at £12.50 in cash – a significant premium to the 21st Century Fox price currently recommended.

“We would like to own the whole of Sky and we will be looking to acquire over 50% of the Sky shares. We are confident that we will be able to receive the necessary regulatory approvals. If successful, the acquisition will enhance our free cashflow per share in the first year.

“The UK is and will remain a great place to do business. We already have a strong presence in London and Comcast intends to use Sky as a platform for our growth in Europe.

“We intend to maintain and enhance Sky’s business.”

Currently, the UK’s Competition and Markets Authority is scrutinising the Fox-Sky deal. In January, the body provisionally found that it would not be in the public interest. A decision is expected in April.

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