Fox plans to concede defeat in Sky battle, review stake: source

Author: Agencies

Rupert Murdoch’s Twenty-First Century Fox expects Sky’s independent directors to recommend Comcast’s $39 billion bid, after which Fox will concede defeat in the battle for the British broadcaster, a source with knowledge of the matter told Reuters. Fox will also review options for its 39 percent stake in Sky after Comcast outbid Murdoch’s group with a 17.28 pounds a share offer for the pay-television group, the source said. agencies

Sky’s independent directors recommend Comcast offer

The independent directors of Sky backed Comcast’s offer for the pay-TV group on Saturday after a rare auction that saw the US cable company defeat Rupert Murdoch’s Twenty-First Century Fox.

“We consider the Comcast offer to be an excellent outcome for Sky shareholders, and we are recommending it as it represents materially superior value,” said Martin Gilbert, chairman of Sky’s independent committee.

“We are focused on drawing this process to a successful and swift close and therefore urge shareholders to accept the recommended Comcast offer.”

Published in Daily Times, September 24^th 2018.