Sky’s shares grow by 9% following Comcast’s winning bid
The Philadelphia-based telecommunications company, Comcast, has won the bid for the British media company, Sky.
Following the news, Sky’s shares have increased by 9% to hit £17.22 (US$22.60) at Monday’s early trade.
The figures almost match Comcast’s winning bid offer of £17.28 ($22.67) per share two days prior.
Comcast placed a £30bn ($39bn) bid to acquire Sky’s vital assets – 10% higher than Fox’s final offer of £15.67 ($20.56) per share.
The assets include the company’s streaming service, Now TV, and advertising technology, Adsmart.
Fox is now considering selling it’s 39% stake in Sky to Comcast, subject to approval from Disney – which agreed to purchase the shares last year.
“This is a great day for Comcast,” stated Brian Roberts, Chairman and CEO of Comcast.
“Sky is a wonderful company with a great platform, tremendous brand and accomplished management team.”
“This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.”
“We couldn’t be more excited by the opportunities in front of us. We now encourage Sky shareholders to accept our offer, which we look forward to completing before the end of October 2018.”