US cable giant Comcast offers $31bn for Sky
The world’s biggest entertainment company makes an offer significantly higher than that of Rupert Murdoch’s Fox
London — US cable giant Comcast has offered to buy Sky for $31bn in an unsolicited approach, taking on Rupert Murdoch’s Fox and Bob Iger’s Walt Disney in the battle for Europe’s biggest pay-TV group. The world’s biggest entertainment company, which owns NBC and Universal Pictures, said it proposed to offer £12.50 per share, significantly higher than the £10.75 Fox had agreed to pay for the British company. The offer pits Comcast’s Brian Roberts against Murdoch, who helped to launch Sky and pioneer pay-TV in Britain. Iger is also a longtime rival after Comcast tried and failed to buy Disney for $54bn in 2004. Disney had agreed to buy Sky from Fox at a later date with other assets in a separate deal worth $52bn. Media owners globally have been forced to rethink their strategies and look for growth after the success of online groups Netflix and Amazon.com prompted customers to start ditching subscriptions. Comcast bid $60bn in 2017 to clinch a deal with Murdoch’s Fox before losing out ...
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