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Comcast's Sky bid goes mandatory after it buys 30% stake

Tue, 25th Sep 2018 08:48

(Sharecast News) - Comcast said it had bought more than 30% of Sky's shares to make its £30.6bn cash bid for the UK broadcaster mandatory.The US cable company said it had bought 515,885,170 Sky shares at its offer price of £17.28 a share - 125% more than the shares' value before Fox kicked off a long bidding war in December 2016. Under UK takeover rules if a company acquires more than 30% of another company's shares it has to offer to buy the whole company.Comcast said it would buy more Sky shares in the market. It won an auction for the FTSE 100 company on Saturday against Rupert Murdoch's 21st Century Fox that will draw a line under Murdoch's association with the company he founded in 1989. Fox bid £15.67 a share in the auction held by the Takeover Panel.Sky has urged its shareholders to accept Comcast's offer promptly. Shareholders have until 13:00 UK time on 11 October to accept the offer. Fox holds 39% of Sky, a stake it is selling to its bidding partner Disney.Comcast said: "Comcast Bidco will continue to acquire Sky shares in the market from eligible shareholders outside the United States at up to and including £17.28 in cash for each Sky share ... All Sky shareholders are urged to proceed to accept the second increased offer."Analysts said Comcast's offer was a big payday for Sky shareholders. The US company has said Sky will operate independently after the takeover. Comcast is expected to use Sky as a launchpad for new digital services as it tried to combat streaming providers such as Netflix and Amazon.The deal brings to an end one of the longest and most convoluted UK takeover battles. Having tried to buy all of Sky before, Murdoch instead decided to sell his entertainment operations, including Fox's Sky stake, to Disney in November 2018. But Comcast thwarted the plan, making a rival bid for the Fox assets that forced Disney to increase its offer and then a separate successful offer for Sky.

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13 Sep 2016 09:59

Sky's Love Productions rejects BBC to sell 'Bake Off' to Channel 4

(ShareCast News) - Love Productions, a television producer 70%-owned by Sky, has secured a much improved rights deal for its hugely successful The Great British Bake Off programme with Channel 4 after negotiations broke down with the BBC. Love Productions is understood to have agreed a three-year de

8 Sep 2016 14:03

Thursday broker round-up

(ShareCast News) - Tesco: JP Morgan reiterates underweight with a target price of 135p. G4S: Jefferies maintains underperform with a 160p target. Severn Trent: UBS keeps at neutral with a 2310p target. ITV: JP Morgan reiterates overweight with a 233p target. Babcock: Goldman Sachs keeps at buy wi

2 Sep 2016 13:54

Sky invests EUR4m in France's Molotov

(ShareCast News) - Sky has invested €4m in French over-the-top video platform Molotov as part of a larger financing round. Sky said the move was the latest in a series of investments in innovative start-up companies. Founded in 2014, Molotov distributes free and pay TV channels and content to consu

26 Aug 2016 07:48

The time is right for a Fox take-over of Sky, Macquarie says

(ShareCast News) - The time was ripe for Fox to pick-up the 61% of Sky which it did not already own, following the 32% year-to-date share price drop in the shares of latter is US dollar terms, analysts at Macquarie said. For Sky, a deal would help it to consolidate its content offering via Fox´s fin

15 Aug 2016 10:55

PRESS: Sky Planning Streaming Service Launch For Spain - The Telegraph

11 Aug 2016 15:38

Sky and Channel 4 back British online TV rights tool TRX

(ShareCast News) - Sky and Channel 4 have both invested in The RightsXchange (TRX), a new online deal-making tool that enables TV rights buyers and sellers from around the world to complete licensing deals entirely online. TRX offers the like of Sky and other producers, such as ITV or Entertainment

3 Aug 2016 12:13

Wednesday round-up

(ShareCast News) - Laird: UBS upgrades to buy with a target price of 350p. Direct Line Group: Deutsche Bank maintains buy with a 435p target. Associated British Foods: Exane BNP Paribas reiterates outperform with a 3300p target. Sky: Goldman Sachs reiterates buy with a target price of 1029p. Fres

1 Aug 2016 09:49

Monday broker round-up

(ShareCast News) - Thomas Cook: Berenberg reiterates hol d with a target price of 60p. Diageo: JP Morgan maintains overweight with a 2400p target. Indivior: Jefferies reiterates buy with a 330p target. Anglo American: HSBC stays at hold with a 930p target. Just Eat: UBS keeps at sell with a targ

28 Jul 2016 12:03

EXTRA: Sky Shares Rise As It Beats Earnings And Revenue Expectations

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LONDON MARKET OPEN: Rolls Royce Up, Shell Down Amid Raft Of Reporting

28 Jul 2016 07:33

Sky revenue and earnings ahead as customer numbers grow

(ShareCast News) - Subscription broadcaster Sky posted results for the year to 30 June on Thursday morning, reporting a 7% increase in revenue to £11.965bn, with adjusted operating profit up 12% to £1.558bn. The FTSE 100 firm said adjusted earnings per share rose 13% during the period to 63.1p, and

26 Jul 2016 07:07

UPDATE: BT To Form Independent Openreach Board In Response To Ofcom

25 Jul 2016 08:27

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