21st Century Fox Prepares a New Bid to Takeover Sky plc

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21st Century Fox is readying a fresh bid for Sky plc that would value at around $25 billion. This is a giveaway that Rupert Murdoch’s media empire is fully committed to beat Comcast® in the race to purchase what is a pan-European company that offers subscription TV broadcasting. Fox’s bid is expected to come if their previous bid for Sky plc gets approved by the government of the United Kingdom.

Based on that, the media company would make a new offer for Sky plc that would outbid that of Comcast®, which values at $12.50 per share. Also in the running to acquire Sky plc, in which Fox Networks Group has 39 percent stake yet is looking to take over, is the Walt Disney Company. Disney has made a $71 billion offer for Fox’s media assets, which also includes their 39 percent stake.

On the other hand, Comcast® has made an all-cash bid for the media assets of Fox, besides making a different offer for Sky plc. The cable cum best internet provider is readying to post details of their offer that value Sky at $12.50-per-share prior to the deadline as per the takeover rules of the UK government. The rule stipulates that a company gets twenty-eight days to post their offer document to the target shareholders once it gets regulatory clearance.

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The bidding war for Sky plc comes at a time when the popularity of streaming services is on the rise. Take Netflix, for instance, which has millions of subscribers worldwide and a market value that exceeds that of Disney. This rising competition reflects in the launch of X1 with Cloud-DVR capability, which allows Comcast XFINITY® customers stream programming. So, an acquisition of Sky plc only goes to add to Comcast’s streaming portfolio. Although, it is yet to be known whether the cable giant or the other companies in the running for Sky plc would eventually acquire it. If you count 21st Century Fox, there are three companies linked to the deal.

Fox’s initial bid that valued Sky plc at $10.75 per share came in 2016 and before Rupert Murdoch decided to break up his media empire by selling the entertainment assets to Disney. Do not be mistaken by that last statement, for Fox’s media assets also include a major stake in Sky plc.

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