Fox raises Sky offer to US$32 billion

Comcast

The Comcast NBC logo is shown on a building in Los Angeles, California, U.S. June 13, 2018. Comcast said on Wednesday that Sky's independent board committee supports its offer that it plans to mail to Sky shareholders within days.

Comcast believes finding such partners will not only allow it to argue that it can win antitrust approval for the Fox assets as easily as Disney, but will also boost its finances as its prepares to make a second all-cash offer later this month, the sources said. He left the completion of the deal in the hands of Sky's shareholders.

Now it's up to Comcast (cmcsa) to decide how much Sky is worth. Disney said in June it is offering more than $71 billion for Fox's entertainment businesses in a counterbid to Comcast's almost $66 billion offer. Comcast now has a 60-day window before Sky shareholders can vote to approve the deal.

Last Wednesday, Comcast returned serve on Fox with a £14.75-per-share bid for 60% of Sky, a transaction with an implied value of $34 billion. "The market's collective wisdom appears to be pricing in a cool down in the bidding war for Fox with Disney and Comcast each rallying today, with Fox down 4%". Britain's former Culture Minister Matt Hancock, who was replaced Monday night with Jeremy Wright in a cabinet shakeup, had said he was willing to let the takeover go ahead, provided Fox sold Sky's 24-hour news channel to Disney.

Should Disney succeed, it will obtain Fox's 39 per cent stake in Sky as part of the package.

One hedge fund manager with a stake in Sky welcomed that pledge as a sign that Disney backed Fox in the battle.

Disney recently increased their Fox Studios offer from $52.4 billion to $71.3 billion following Comcast offering a $65 billion all-cash deal for Fox.

He said amended guarantees had been made over Sky News to address concerns over media plurality, as well as changes to the associated brand licensing agreement following responses to the Government's consultation.

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