UK Culture Minister gives thumbs up to Fox's plans for a Sky takeover -

UK Culture Minister gives thumbs up to Fox's plans for a Sky takeover

It's cleared the way for an ensuing bidding war over the 61 per cent chunk of Sky up for grabs between Fox and media conglomerate, Comcast.
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UK Culture Minister Matt Hancock has given a thumbs up to Fox’s acquisition of the 61 per cent chunk of Sky it doesn’t already own.

The latest development now clears the way for a formal approval in the coming days which in turn, sets the stage for a bidding war with Comcast who is also attempting to buy the British pay TV giant.

Comcast made its offer in April to buy the stake in Sky for $16.70 a share, topping Fox’s bid of $14.40 made in late 2016.

While Fox has EU clearance for the deal, Comcast does not, yet. In a further move to appease regulators, Fox has proposed divesting Sky News, in likelihood, to Disney.

“We look forward to engaging with DCMS and we are confident that we will reach a final decision clearing our transaction,” Fox said in a statement.

In the US, Walt Disney is in the process of acquiring Fox under the shadow of a rival bid by Comcast, one the media firm insists will come soon, be higher and all cash.

Disney and Fox shareholders will vote on their deal at special shareholders’ meetings in Manhattan on July 10.


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