Fox Sells Its Stake In Sky for $15 Billion

Fox Sells Its Stake In Sky for $15 Billion

There always seem to be many different takeover bids, buy outs, and sales happening in the media and of the media. The latest – and largest – is the drama surrounding Sky. There had been an exciting bidding war surrounding this particular company, with many of the big American players wanted to have a piece of the action (and of Sky itself).

The battle was, in the end, between 21st Century Fox and Comcast, who both wanted to own a large share of Sky, the European TV and broadband provider. Their plans must have been important, as the price kept rising dramatically. In the end, however, it was Comcast who was victorious, buying a controlling stake in Sky for $38.8 billion.

This was exciting in itself, but what happened next was unexpected and give the entire fight a twist worth of the dramas shown on Sky, Fox, and Comcast. Fox chose then to sell its remaining stake in Sky to Comcast. The deal was worth $15 billion, and it means that Comcast now own all of Sky.

21st Century Fox had initially had a 39 percent stake in Sky, and had wanted to purchase more. However, the winning bid from Comcast was just too much and Fox had to concede defeat.

Sky will give a huge boost to Comcast, allowing it to enter the European market.