US media giant Comcast mounts $30bn takeover swoop for Sky

NBC and Universal Pictures owner Comcast has made a $30.9bn takeover approach for Sky in an attempt to trump 21st Century Fox's efforts to seize full control of the UK broadcaster.

US media giant Comcast mounts $30bn takeover swoop for Sky

NBC and Universal Pictures owner Comcast has made a $30.9bn takeover approach for Sky in an attempt to trump 21st Century Fox's efforts to seize full control of the UK broadcaster.

The US media giant behind cable channels MSNBC and CNBC is eyeing a possible cash offer of £12.50 ($17.40) per share, a 16% hike on Fox's bid of £10.75 ($15) a share.

The group wants to snap up a majority stake in the Game Of Thrones broadcaster - more than 50% - and was confident a deal would be given the green light by regulators.

Such a move would place Sky at the centre of a full-blown takeover tussle, with Rupert Murdoch's Fox struggling to buy the 61% of the broadcaster it does not already own due to mounting regulatory hurdles.

Comcast said its offer would be a 13% premium of Sky's closing share price of £11.05 ($15.40) on Monday.

Comcast chairman and chief executive Brian Roberts said Sky is "an outstanding company".

He said: "We think that Sky would be very valuable to us as we look to expand our presence internationally.

"The superior cash proposal values each Sky share at £12.50 ($17.40) in cash - a significant premium to the 21CF price currently recommended.

"We would like to own the whole of Sky and we will be looking to acquire over 50% of the Sky shares. We are confident that we will be able to receive the necessary regulatory approvals. If successful, the acquisition will enhance our free cashflow per share in the first year.

"The UK is and will remain a great place to do business. We already have a strong presence in London and Comcast intends to use Sky as a platform for our growth in Europe.

"We intend to maintain and enhance Sky's business."

More in this section

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up