Published On: Sat, Sep 22nd, 2018

Comcast beats out Fox in auction for broadcaster Sky

LONDON—British regulators say Comcast has beat 21st Century Fox in a rare auction that allowed both sides to bid for European broadcaster Sky.

After three rounds of bidding behind closed doors, Comcast offered the higher price of £17.28 pounds ($ 29.12) per share, the equivalent of nearly £30 billion pounds ($ 50.6 billion). Fox offered £15.67 ($ 26.41) per share.

The regulator, the Takeover Panel, set up the auction to reduce uncertainty for Sky. It now gives Sky shareholders a firm bid to evaluate after Fox and Comcast engaged in a series of counter-offers.

Fox had long been trying to acquire the 61 per cent of Sky it doesn’t already own. Comcast wants to grow its operations in Europe.

Sky is Europe’s largest pay-television operator, with 22.5 million customers in seven countries.

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Comcast beats out Fox in auction for broadcaster Sky