US pay-TV giant Comcast has announced a GBP22 billion (USD31 billion) bid for UK-based Sky, challenging the takeover deal struck between Rupert Murdoch’s 21st Century Fox and Sky in December last year, which valued the latter at GBP18.5 billion. In launching what it termed a ‘superior cash proposal’, Comcast confirmed it is offering GBP12.5 per Sky share, a figure it notes represents a 16% improvement on the rival offer.
Commenting on the matter, Comcast’s chairman and CEO, Brian L Roberts, said: ‘Comcast intends to use Sky as a platform for growth in Europe. We already have a strong presence in London through our NBCUniversal international operations, and we intend to maintain Sky’s UK headquarters. Adding Sky to the Comcast family of businesses will increase our international revenues from 9% to 25% of Company revenues.’