Fox raises Sky offer to $32 billion in battle with Comcast
12 July 2018, 12:56 | Joann Bryant
Fox Shareholder Files Lawsuit To Halt Proposed Disney Acquisition
That is how Sky shareholders feel as Murdoch controlled 21st Century Fox raised the bidding once again for Sky, eclipsing U.S. cable network Comcast's £12.50 bid with an all cash offer of £14.
The clock was ticking on Fox to make a higher bid for Sky, because Comcast faces a deadline of Friday to formally deliver its offer to shareholders of the London-based company, under United Kingdom takeover rules.
Comcast said its cash offer has been recommended by Sky's independent committee of directors and that it has committed the financing required for the deal. Wright's predecessor had previously indicated the deal could go through if Sky was ultimately sold to a third party, like Disney.
The agreed price represents an 82 percent premium to Sky's shares in December 2016, before it struck its original deal to buy Sky, and a multiple of 21 times 2017 earnings per share.
Should Disney succeed, it will obtain Fox's 39 per cent stake in Sky as part of the package. Sky's shares closed at 15.01 pounds on Tuesday, implying shareholders think the battle is not yet over.
Murdoch's company still faces significant regulatory battles in Britain, including the culture secretary's statement that Fox would have to sell Sky News to win government approval because of concerns about media plurality.
RBC Capital Markets analyst Steven Cahall issued a report today noting that, with the bid for Sky, Comcast may be choosing sides as the cable giant simply can't afford both acquisitions. This values the European pay-TV group at $32.5B, trumping Comcast's earlier $31B (£12.50 per share) offer.
Murdoch owns major British newspaper titles The Times and The Sun and critics say obtaining full control also of the rolling television channel Sky News would give him too much influence in the news business.
Sky operates in Austria, Germany, Ireland and Italy as well as the U.K. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and "Game of Thrones". Of the assets he's seeking to acquire from Fox, Disney chief executive officer Bob Iger called Sky "a real crown jewel".
Shark bites University of Miami student in Bahamas
Zarutskie encountered multiple complications and doctors believe there may still be "pieces of the tooth" lodged in her arm. She said she later learned that the risk of infection meant she could have lost her arm or her life.
Croatia in World Cup final for 1st time, beats England 2-1
Croatia: Subasic 6, Vrsaljko 8, Vida 7, Lovren 8, Strinic 7, Rakitic 8, Modric 8, Rebic 7, Brozovic 7, Perisic 7, Mandzukic 8. England had got off to a flying start when Trippier curled a superb free kick into the top corner in the opening minutes.
The Galaxy Note 9 is set to be another disappointment
The first official Galaxy Tab S4 press render has been leaked online and it reiterates what we know about the tablet so far . South Korean tech giant Samsung is now working on its 10th generation Galaxy S smartphones - S10 and S10 Plus.
Israel Intercepts Incoming Drone from Syria
Russian Defense Minister Sergei Shoigu said Moscow is ready to discuss the issue of supplying Syria with the S-300 missile system. Israel is particularly anxious about the presence of Damascus ally Iran next door in Syria.
Anderson stuns Federer in quarter-final cliffhanger
That initial burst gave Federer 34 successive sets won at Wimbledon, equalling his own record set between 2005 and 2006. Federer had been pursuing a 13th Wimbledon semi-final and a 44th appearance in the last four of a grand slam .