The Latest: Sky reconsiders Fox offer after Comcast bid
LONDON (AP) — The Latest on the rival bids to take over U.K. pay TV operator Sky (all times local):
London-based pay TV operator Sky says it is withdrawing its recommendation to shareholders to accept 21st Century Fox’s bid in a move that came just moments after Comcast placed a better offer on the table.
The U.S. media giant Comcast made a 22 billion pound ($30 billion) bid for Sky on Wednesday, topping a rival bid by Rupert Murdoch’s Fox.
Comcast CEO Brian Roberts says his company’s cash offer values each Sky share at 12.50 pounds, 16 percent higher than the 21st Century Fox offer of 10.75 pounds.
U.S. media conglomerate Comcast has made a 22 billion pound ($30 billion) bid for London-based pay TV operator Sky in move that threatens a rival bid by Rupert Murdoch.
Comcast CEO Brian Roberts says his company’s cash offer values each Sky share at 12.50 pounds, above the 21st Century Fox offer of 10.75 pounds.
21st Century Fox issued a statement saying it remains committed to its offer and is “currently considering its options.”
21st Century Fox has offered to insulate Sky’s news operations from the influence of Murdoch and his family, who already own several other media titles in the U.K., to win approval of its bid.
Comcast committed to maintain funding for 10 years for Sky News.