Fox to Sell Sky Stake to Comcast
21st Century Fox will sell its 39 percent stake in Sky PLC. to Comcast Corp., according to The Wall Street Journal.
The share is worth approximately $15 billion.
The news follows Fox’s loss at a weekend auction for full control of the European pay-TV group. Comcast outbid its rival with an offer of £17.28 per share ($22.78). Fox’s bid £15.67 per share.
Fox previously agreed to sell most of its assets to The Walt Disney Co. for $71 billion. The Sky sale and a reconfiguration of Fox regional sports network (as required by the U.S. Justice Department ) are projected to reduce the overall cost of the deal with Disney by $30 billion.
Sky offers Comcast Corp. an opportunity to increase its international footprints. The company owns its own news, entertainment and sports programming and also provides telecommunication services, TV, phone and internet across seven European countries.