The Disney-Comcast TV Drama Could Have More Twists Yet

The Disney-Comcast TV Drama Could Have More Twists Yet

The Disney-Comcast TV Drama Could Have More Twists Yet

Fox first bid for the 61 per cent of Sky it doesn't already own in December 2016, offering 10.75 pounds per share, but was held up over concerns that the tie-up would give Murdoch too much influence over Britain's media.

Last Wednesday, Comcast returned serve on Fox with a £14.75-per-share bid for 60% of Sky, a transaction with an implied value of $34 billion.

Sky's shares have risen 95 percent since Fox made its first bid in 2016, and have risen 55 percent in the past year.

Martin Gilbert, deputy chairman of Sky, said that Comcast's offer represent an "attractive premium to the current alternative offer".

"Today, 21CF and the Independent Committee of Sky are pleased to announce that they have reached agreement on an increased. cash offer", a statement said on Wednesday.

Janedis laid out four possible scenarios: Comcast outbids Fox for Sky; Fox outbids Comcast and adheres to all conditions; Disney and Fox walk away and sell Comcast the remaining 40% stake in Sky; and Disney wins both Fox and Sky.

CNBC reports that Comcast is now focusing on buying the UK-pay TV provider Sky before it makes a decision on the remainder of the Fox for-sale assets, which includes the Marvel properties, Avatar, the FOX TV stations and more.

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During its review process, Comcast took the opportunity to place a $60 billion bid for Fox in May, countering Disney's previous $52.4 million offer.

A successful acquisition of Sky would extend Comcast's reach Europe.

The skirmish for control of Sky is being fought in the shadow of an even bigger battle - a struggle for control of prized entertainment assets owned by Fox, including its stake in Sky.

Sky gives Fox and Comcast a rare opportunity to diversify out of the U.S. and reach more consumers directly.

Following the announcement, Sky's share price was down 1.3 per cent at 14.81, though above the improved offer. Sky's shares closed at £15.01 on Tuesday, suggesting shareholders think the battle is not over.

The Government has already separately cleared Comcast's bid for Sky.

The Government had been concerned over the impact that Fox's takeover of Sky could have on United Kingdom media, given that the Murdoch family also owns News Corp - the publisher of a raft of newspapers including The Sun and The Times. News Corp., which is controlled by the Murdochs, withdrew its bid for Sky soon after.

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