Fox confirms plans to sell stake in Sky to Comcast for $15bn

By Bruno Reis

Twentieth Century Fox has announced it will be selling its stake in the British telecommunications company to Comcast.

Comcast recently placed the winning bid for Sky, acquiring 61% of its assets for US$40bn.

The US-based multichannel provider will now purchase the remaining 39% stake in Sky for £11.63bn ($15bn).

Fox had announced last year its plans to sell its shares in the telecommunications company to Disney.


However, following the bidding war, Rupert Murdoch’s firm expressed interest in selling to Comcast, provided it received permission from Disney.

“In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF’s existing 39% holding in Sky to Comcast,” stated Fox.

“We congratulate Comcast on their pending acquisition. We are proud of the role our company has played in building Sky, and of the outstanding value we have delivered for shareholders of 21CF and Sky, and customers across Europe.”

“The sale of Fox's Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers,” commented Robert Iger, CEO of Disney.


Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy