Comcast Ups Offer for Sky, for the Time Being

By Douglas A. McIntyre Updated Jan 11, 9:10PM EST · Published Jul 11, 6:32PM EDT

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Comcast Ups Offer for Sky, for the Time Being — © Wikimedia Commons

The multi-player battle for most of the assets of 21st Century Fox Inc. (NYSE: FOX) and the U.K.’s Sky continued as Comcast Corp. (NASDAQ: CMCSA) lobbed in another offer for the British media property. Comcast said its bid was better than one from 21st Century Fox, which on the same hand has agreed to sell most of its assets to The Walt Disney Company (NYSE: DIS), which has been in a bidding war with Comcast for the same Fox assets. Enough?

The massive U.S. cable and entertainment company even put out a press release:

Comcast Corporation (Nasdaq: CMCSA) (“Comcast”) today published an announcement containing the terms of an increased superior cash offer for the entire issued and to be issued share capital of Sky to £14.75per share (the“UK Increased Offer Announcement”). This implies a value of $34 billion (£26billion) for the fully diluted share capital of Sky .Additionally, Comcast announced that its increased superior cash offer has been recommended by the Sky Independent Committe 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 has committed financing availble to satisfy the full cash consideration payable to Skyshareholders under the terms of the acquisition. Comcast has already received relevant regulatory approvals in the EU, Austria, Germany, Italand Jersey. Comcast expects to complete theacquisition before the end of October 2018

Now, it’s Fox’s turn. Or is it Disney’s?

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.