Disney/Fox Will Sell Sky Stake to Comcast

According to Variety, 21st Century Fox will sell their remaining 39% stake of Sky to Comcast. 21st Century Fox is in the process of being acquired by The Walt Disney Company. Disney has made the decision to sell off its remaining stake in Sky after Comcast outbid them for the majority of the pan-European media network.

Disney/Fox is willing to sell their stake for $15 billion or $22.78 per share. If Comcast agrees to that deal they’d take full control of Sky.

21st Century Fox released a statement that said, “In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF’s existing 39% holding in Sky to Comcast…We are proud of the role our company has played in building Sky, and of the outstanding value we have delivered for shareholders of 21CF and Sky, and customers across Europe.”

If Comcast agrees to purchase the 39% stake for $15 billion it would greatly reduce the debt Disney took on from purchasing 21st Century Fox for $71.3 billion earlier this year. Disney noted in a statement that selling off this stake will help the company “maintain its strong balance sheet as it continues to invest in content creation for its direct-to-consumer platforms.”

Credit: Variety