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On Tuesday, U.S. cable giant made a takeover bid for European pay TV giant Sky - with the offer rivaling the bid made by Rupert Murdoch's 21st Century Fox. Comcast reportedly made an unsolicited $31 billion (22 billion pounds) takeover bid for Sky, and unveiled the all-cash offer of $17.48 per share (12.50 pounds) to Sky's shareholders on Tuesday morning. The company offered a 16 percent premium to Fox's existing bid of 10.75 pounds per share, and Comcast CEO Brian Roberts pointed out not seeing "any material" regulatory issues like the ones that have delayed the Fox deal review. The company said in a statement, “A combination would bring attractive financial benefits to Comcast shareholders" and is expected to be accretive to Comcast’s free cash flow per share in year one.”  The company also added that the deal would enhance its entertainment, distribution and technology capabilities and expand Comcast’s international footprint to "more effectively compete in the rapidly changing and intensely competitive entertainment and communications landscape." Comcast chairman and CEO Brian Roberts said, “We think Sky is an outstanding company. It has 23 million customers and leading positions in the U.K., Italy, and Germany. Sky has been a consistent innovator in its use of technology to deliver a fantastic...Read more
By Sheetal Sukhija | Wednesday February 28, 2018
Comcast makes unsolicited $31 billion takeover bid for Sky