Comcast Makes £26 Billion Bid to Acquire Sky

The race to acquire Sky has taken another turn, as Comcast has submitted an increased bid of £14.75 per share, putting it in pole opposition to land the UK based media giant.

Comcast’s revised bid values Sky at around £26 billion ($34 billion), and represents a 5.35 per cent increase on the previous highest bid of £14 per share, made by Twentieth Century Fox.

In a statement issued this morning, Twenty First Century Fox said that it “noted” Comcast’s revised bid but gave no indication whether it intended to make a further, improved bid.

“For now, Comcast is in pole position. The speed of its counter bid underlines its desire to buy Sky. It might lose out to Disney for 21st Century Fox but is adamant not to lose out on the ownership of Sky,” said Paolo Pescatore, a leading Technology, Media and Telecoms analyst.

Comcast appears to be in a strong position and says that it expects to complete the acquisition of Sky by the end of October 2018.

Sky’s share price jumped 2.5 per cent on the news of Comcast’s revised bid, as markets responded positively to the news.

“It’s a great time to be a Sky shareholder,” Pescatore added. – Total Telecom