DIS Walt Disney Co

   By Adria Calatayud 
 

21st Century Fox Inc. (FOX) said Wednesday that it plans to transfer its shares in Sky PLC (SKY.LN) to Comcast Corp. (CMCSA) by either accepting Comcast's offer or by selling them directly to the company.

Fox said it could accept Comcast's offer upon lapse of its own bid for the British media company or earlier. Fox said it intends to lapse its Sky offer at the earliest opportunity.

Walt Disney Co. (DIS), which in June agreed to buy Fox's current Sky stake, has consented to Fox's decision, Fox said.

Comcast defeated Fox in a bidding war for Sky over the weekend with a $38.8 billion offer. Comcast has since bought Sky shares representing a 36.95% stake in the company, the U.S. cable giant said earlier on Wednesday.

Sky is 39%-owned by 21st Century Fox, which shares common ownership with News Corp (NWS), the parent company of Dow Jones.

Read more about the Sky takeover at https://on.wsj.com/2JhQx1C (WSJ paywall) or https://bit.ly/2QFMMrS (NewsPlus).

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

September 26, 2018 10:45 ET (14:45 GMT)

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