Economy

Fox Raises Sky Offer to $32 Billion

Fox Raises Sky Offer to $32 Billion”

Murdoch's Fox said the performance of Sky since December 2016, including its renewal of the right to show English Premier League matches at a lower price than expected, justified its higher offer.

Fox's takeover plan is expected to receive formal approval from the United Kingdom authorities this week after more than 18 months of investigations.

The Associated Press reported that Fox, which already has a 39 percent stake in Sky, raised its offer to 14 pounds per share ($18.58), more than Comcast's latest offer but not equivalent to the value Sky was trading at on Wednesday.

Only this time, it's not Comcast standing in the Mouse House's way, but a shareholder named Robert Weiss, who recently filed a lawsuit to stop the historic Disney-Fox merger.

"We strongly believe that a combined 21CF and Sky will be a powerful driver for the continued growth and vibrancy of the United Kingdom and broader creative industries".

The world's biggest entertainment company and owner of NBC and Universal Pictures gate-crashed Murdoch's bid for Sky in February.

Sky now operates in Britain, Ireland, Germany, Austria and Italy. "And unanimously recommend this offer by Comcast".

Comcast has moved swiftly to table a £26bn offer to buy Sky, trumping Rupert Murdoch within hours of the media mogul tabling a new £24.5bn offer.

Disney's bid to buy out the majority of Fox's entertainment assets was the talk of the town previous year, until the two companies hit a roadblock - an anti-competitive complaint by the Department of Justice.

"We said when we announced our proposed acquisition of Sky that we were firmly committed to UK's creative industries and the contribution they make to the United Kingdom economy".

Murdoch is aiming to takeover the 61% of Sky he doesn't already own through 21st Century Fox, which owns assets including the Hollywood studio behind films including X-Men and Deadpool.

That opposition still runs strong among many British politicians and activists.

British pay-TV group Sky said Wednesday it accepted a sharply increased offer from 21st Century Fox to acquire the pan-European company, according to the Financial Times.



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