Fox to sell Sky stake to Comcast

27 Sep 2018

Having failed in its efforts to take control of Sky, losing out in an auction process conducted last weekend, Rupert Murdoch’s 21st Century Fox has now confirmed it will sell its 39% stake in the British pay-TV operator to Comcast, which offered a higher per-share price for shares in the company in the recent tender. According to the BBC, it had been unclear whether Fox would look to retain its holding in Sky after failing to match Comcast’s per-share offer, but it is understood it has now decided to accept the GBP17.28 (USD22.8) per share offer, which values Fox’s Sky stake at GBP11.6 billion.

Commenting on Fox’s plans to divest its holding in Sky, the pay-TV outfit’s chief executive Jeremy Darroch said: ‘Nearly 30 years ago Rupert Murdoch took a risk to launch Sky and in the process changed the way we watch television forever … With [21st Century Fox] announcing its intention to sell its shares to Comcast, we close one chapter while simultaneously opening another.’

United Kingdom, Comcast Corp (Xfinity, incl. Xfinity Mobile), Sky