US cable giant Comcast has triumphed over 21st Century Fox in a blind auction to determine who would take ownership of Sky.
Comcast bid £17.28 per share, whereas Fox fell short at £15.67 per share. The rare blind auction which becomes the largest takeover ever seen in Europe’s media industry, was held in three eventful stages.
Prior to the auction Comcast had bid at £14.75 per share, which valued Sky at £26bn, 21st Century Fox being the lowest bidder, were granted the opportunity to increase their offer, and in the second round Comcast replied with a competitive offer.
Both sides headed into the final ‘blind auction’, where Comcast offered £17.28 per share to Fox’s £15.67, valuing the broadcaster at more than £30bn.
With 23m subscribers, Premier League rights, and UK rights to broadcast programmes such as Game of Thrones, Sky is one of Europe’s most profitable companies.
21st Century Fox was set to takeover in December 2016 but Ofcom and the Competition and Market Authority in the UK froze the bid, after concerns were raised in regards to Rupert Murdoch’s increasing influence over the UK media.
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