Murdoch's Fox ups Sky bid to $32.5 billion, all eyes on Comcast

13 July, 2018, 11:31 | Author: Frank Williams
  • Disney Fox Deal Faces Lawsuit From Fox Shareholder

It's said that the new $38-a-share price is about $10 a share higher than the original offer from Disney back in December, and it's also $3 above Comcast's most recent bid.

Jeff Wlodarczak at Pivotal Research Group said Comcast may succeed in winning Sky but lose out on Fox to Disney. According to Janedis, within the first 46 days, Comcast and Fox can change the terms of their respective offers, and after that, five days of auctions with one bid per day will kick off.

What's Next For the Disney-Fox Deal?

"Investors are now close to doubling their money as a result of the bidding war for Sky, and there may yet be another twist in this tale which will swell their coffers even more", Laith Khalaf, a senior analyst at Hargreaves Lansdown said. The Walt Disney Company has agreed to a $71 billion (Rs 4.88 lakh crore) takeover of Fox's entertainment assets, and will own all of Sky if Fox secures the deal.

Media mogul Rupert Murdoch's 21st Century Fox has increased its bid to take full control of Sky in its prolonged battle with Comcast for the lucrative pay TV service.

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The expectation from some analysts had been that Fox would wait for final United Kingdom approval before coming back with a higher bid, but with Prime Minister Theresa May's government committing to release a decision on Thursday, Fox pulled the trigger.

Fox's offer is pending United Kingdom government approval from culture secretary Jeremy Wright, while Comcast has already received approval.

Only this time, it's not Comcast standing in the Mouse House's way, but a shareholder named Robert Weiss, who recently filed a lawsuit to stop the historic Disney-Fox merger.

"We welcome this increased offer", Martin Gilbert, deputy chairman of Sky, said in an emailed statement. Comcast faces a deadline of Friday to put its offer to Sky shareholders. "This offer reflects the strong position the business is in and is an attractive premium for shareholders".

The Department of Justice highlighted that Disney already owned a good chunk of the sports entertainment industry with ESPN, claiming that Fox's added assets would result in anti-competitive domination of the field.

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