21st Century Fox to sell its 39 per cent stake in Sky to Comcast
US cable giant won bidding war over British broadcaster after long-running battle for control went to auction
FOX has agreed to sell its 39 per cent stake in Sky to Comcast after the US cable giant won a bidding war for the other 61 per cent
The firm made the decision after they were outbid in an auction do decide the long-running battle for control of the British broadcaster on Saturday.
It means Rupert Murdoch and his family will relinquish their holding in Sky.
He has agreed to sell a major chunk of the 21st Century Fox business – including its existing 39 per cent Sky stake – to Disney.
Sky boss Jeremy Darroch paid tribute to the Murdochs following the news.
He said: "Nearly 30 years ago Rupert Murdoch took a risk to launch Sky and in the process changed the way we watch television forever.
"His vision and belief has enabled us to grow in to Europe's leading direct to consumer media business and I would like to personally thank him, (son) James and 21CF for their consistent support as shareholders, board members and friends.
"On behalf of all our employees I would also like to thank James for his chairmanship as we have transformed Sky over the past decade.
“With 21CF announcing its intention to sell its shares to Comcast we close one chapter while simultaneously opening another.
“Our aim is to make the next 30 years as exciting for customers, colleagues and all our stakeholders."
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Comcast boss Brian Roberts had said he was prepared to jointly own Sky, but Fox's decision clears the path for the US firm to seize full control of the pay-TV giant.
His firm won the contest to control of the broadcaster, beating Fox's £15.67 per share offer with an offer of £17.28 in the final round of the auction
Comcast owns NBC Universal and is the largest cable operator in the US, and with the Sky takeover becomes the biggest pay-TV provider in the world, with around 52 million customers after adding Sky's 23 million subscribers.
