- Comcast (CMCSA): offering $31 billion for British pay-television broadcaster Sky, topping rival 21st Century Fox's (FOXA) bid for the 61% of Sky it doesn't already own.
- It is an aggressive move to wrest the service away from Rupert Murdoch’s 21st Century Fox — and the Walt Disney Co.
SKYAY Sky plc: Comcast (CMCSA) makes competing $31 bln bid for Sky
Comcast Corporation (CMCSA) today published a Rule 2.4 announcement regarding a possible offer which is a superior cash proposal to acquire Sky. Comcast's announcement of a superior cash proposal of 12.50 per share represents a 16% increase in value over the existing 21st Century Fox (FOXA) offer for Sky. Comcast's superior cash proposal implies an equity value of $31bn (22bn) for Sky. A combination would bring attractive financial benefits to Comcast shareholders, and is expected to be accretive to Comcast's free cash flow per share in year one.
Comcast Corporation (CMCSA) today published a Rule 2.4 announcement regarding a possible offer which is a superior cash proposal to acquire Sky. Comcast's announcement of a superior cash proposal of 12.50 per share represents a 16% increase in value over the existing 21st Century Fox (FOXA) offer for Sky. Comcast's superior cash proposal implies an equity value of $31bn (22bn) for Sky. A combination would bring attractive financial benefits to Comcast shareholders, and is expected to be accretive to Comcast's free cash flow per share in year one.