Comcast outbids Fox in auction to potentially acquire Sky

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Comcast outbids Fox in auction to potentially acquire Sky

The bidding process for the acquisition of the British broadcaster Sky was completed on Sunday after a lengthy process involving three rounds of auctioning. Following the three-round auctioning process, American broadcasting giant Comcast outbid its rival corporation Fox.

In totality, Comcast's expected takeover of Sky is set at about $39 billion. Comcast's bid was accepted in the third and final round as it quoted around $22 per share of Sky to Fox quoting about $20 per share. There again, while Comcast has emerged successful in the auction, the eventual decision of opting of a buyer of the two organisations rests with Sky's shareholders.

As it stands, Fox presently has a 39% stake in Sky and is keen on consolidating its stake as the company, too, is set to be purchased by Disney for about $71 billion. Disney's deal for the take over of Fox also includes a potential taking over Sky as well.

The deadline offered to the shareholders and stakeholders of Sky to accept either organisation's offer is 11th October. In addition, Comcast is also keen on acquiring Fox's existing 39% stake in Sky. Speaking after the auction process was completed, Brian L.

Roberts, CEO and chairman of Comcast shared, "We now encourage Sky shareholders to accept our offer, which we look forward to completing before the end of October 2018."