Comcast Outbids Fox With $40B Offer for Sky
Comcast beat Rupert Murdoch’s Twenty-First Century Fox in the battle for Sky after offering 30.6 billion pounds ($40 billion) for the British broadcaster, in a dramatic auction to decide the fate of the pay-television group. U.S. cable giant Comcast bid 17.28 pounds a share for control of London-listed Sky, bettering a 15.67 offer by Fox, the Takeover Panel said in a statement shortly after final bids were made Saturday. Comcast’s final offer was significantly higher than its bid going into the auction of 14.75 pounds, and compares with Sky’s closing share price of 15.85 pounds on Friday. Brian Roberts, chairman and chief executive of Comcast, coveted Sky to …