Comcast Is Expected to Raise Its Offer for Sky as Early as This Week

Date : 07/11/2018 @ 11:43AM
Source : Dow Jones News
Stock : Twenty-First Century Fox, Inc. (FOXA)
Quote : 44.33  -0.24 (-0.54%) @ 7:59PM

Comcast Is Expected to Raise Its Offer for Sky as Early as This Week

Twenty-First Century Fox, Inc. (NASDAQ:FOXA)
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By Keach Hagey in Sun Valley, Idaho and Chip Cummins and Ben Dummett in London 

The battle for control of European pay-TV giant Sky PLC is coming to a head and could impact the broader fight between Comcast Corp. and Walt Disney Co. to acquire most of 21st Century Fox Inc.'s entertainment assets.

Fox, which already owns 39% of Sky, lifted its bid to purchase the rest of the company by more than 30%, topping an offer from Comcast. Fox's GBP14-a-share offer values Sky at GBP24.5 billion ($32.5 billion).

Comcast is expected to raise its Sky offer as early as this week, according to a person familiar with the matter.

Depending on how the auction for Sky plays out, Comcast could decide to focus its efforts on the European operator and drop its pursuit of a broad set of Fox assets, the person said.

Fox separately has put up for sale entertainment properties including its Hollywood movie and TV studio, regional sports networks and a stake in streaming service Hulu. That deal also would include its Sky holding and other international assets.

Disney is currently in the lead for the Fox assets after reaching an agreement to pay $71 billion in cash and stock, topping a $65 billion all-cash offer from Comcast.

Comcast is now weighing how high to go, both on Sky as a standalone deal and the bigger set of Fox properties.

Write to Keach Hagey at keach.hagey@wsj.com, Chip Cummins at chip.cummins@wsj.com and Ben Dummett at ben.dummett@wsj.com

 

(END) Dow Jones Newswires

July 11, 2018 11:28 ET (15:28 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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