Comcast Counters 21st Century Fox’s Latest Bid for Sky News

Coming just a day after 21st Century Fox increased their bid to acquire the 61% stake of Sky PLC that they don't already own, Comcast has countered with their new offer. According to today's press release from Comcast, the offer is now £14.75 per Sky share, up from their most recent offer of £12.50 per share. Comcast says that they have financing in place for the full cash consideration and that their cash offer has been recommended by the Sky Independent Committee of Directors.

"Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast. Today's announcement further underscores Comcast's belief and its commitment to owning Sky."

Comcast hopes to have the acquisition completed by October. Yesterday, Fox increased their offer to £14.00, with approval from The Walt Disney Company and the agreement that would cover the difference between the bid and the actual value of the stock, should the current acquisition deal of Fox assets by Disney not happen due to regulatory concerns. Source: Comcast/NBCUniversal / Image: Sky PLC

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