Bidding war for Sky looms as Comcast offers £22bn

Jack Dorsey

"As a result of the announcement of this higher cash offer, the Independent Committee is withdrawing its recommendation of the offer announced by 21CF on 15 December 2016 and is now terminating the co-operation agreement entered into with 21CF on the same date", Sky said.

The Comcast offer values Sky at £22 billion ($31 billion), roughly £3 billion ($4.2 billion) more than Murdoch's bid.

Investors, who think the bidding war will continue, sent Sky's stock much higher than Comcast's new offer. But with Comcast offering so much more money for Sky, those offers may be moot.

"Sky has a strong business, excellent customer loyalty, and a valued brand", he said.

Comcast first detailed the offer of £12.50 per share back in February.

Tulchan's Andrew Grant and Tom Murray are working the Comcast bid.

Brian Roberts, chairman and chief executive of Comcast, said: "With its 23 million retail customers, leading positions in the UK, Italy, and Germany, and its history of strong financial performance, we see significant opportunities for growth by combining our businesses". Britain's competition regulator is conducting an investigation into whether Fox's bid for Sky would give Murdoch and his family - who already own several other media titles in the United Kingdom - too much control over the country's news media.

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The company laid out a strategy that showed it was interested in being a good corporate citizen in Britain, promising to use Sky as a platform for growth in Europe, maintaining Sky's United Kingdom headquarters and using the acquisition to "expand Comcast's global footprint".

The media mogul's 21st Century Fox had agreed to buy the 61% of Sky it does not already own in an offer worth about £19bn, but after news of the improved offer broke, Sky said it was withdrawing its recommendation for the Fox bid.

Not acquire any majority interest in United Kingdom newspapers for five years. Comcast Corp. reports earnings Wednesday, April 25, 2018.

A tie-up between the two would create a business with around 52 million customers and give Comcast a platform for growth across Europe. Sky is arguably the most equivalent company to Comcast outside of the US. "We look forward to receiving the necessary regulatory approvals".

It said Sky would "co-operate fully" with both parties but also welcomed Comcast's bid, saying it believed its voluntary commitments to the company under the offer "should comprehensively address any potential public interest concerns".

Fox, which already has a 39 percent stake in Sky, said in a statement that it "remains committed" to its offer and "is now considering its options".

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