Tuesday, 16 October, 2018

Comcast Formalizes $30.7 Billion Bid for Sky

A View Of The Comcast Center Source Getty
Kenneth Drake | 26 April, 2018, 12:47

USA media company Comcast offered Wednesday to buy British broadcaster Sky Plc for $30 billion, topping a bid from Rupert Murdoch's 21st Century Fox.

Fox, which already has a 39 percent stake in Sky, first announced its 10.75 pound per share cash offer in December 2016.

Comcast Chairman and CEO Brian Roberts said Sky withdrawing its recommendation on the Fox bid was what the USA cable giant wanted to achieve by formalizing its offer on Wednesday. Fox made that bid in 2016, but it has been having trouble securing regulatory approval as British regulators fear conflicts with Murdoch-owned media outlets like the newspapers The Sun and the Times of London.

But the United Kingdom competition watchdog has raised a host of concerns over the Fox acquisition, while since then, Walt Disney has also agreed to snap up a raft of Fox assets including the Sky 39% stake.

Sky is based in London and has pay-TV operations across Europe, offering a platform for US companies like Comcast and Fox to expand overseas.

Fox said in a statement that it "remains committed" to its offer and "is now considering its options".

Comcast chairman and CEO Brian Roberts said Sky withdrawing its recommendation was what he hoped to achieve by formalising its offer.


Comcast said it was in talks with Sky's Independent Committee "with a view to obtaining a future recommendation of the acquisition". Comcast's offer comes just days before the May 1 deadline for the Competition and Markets Authority to give its final advice about the Fox bid to Culture Secretary Matt Hancock. "We have long believed Sky is an outstanding company and a great fit with Comcast". Sky has a strong business, excellent customer loyalty, and a valued brand.

As part of its post-offer assurances, the group confirmed plans to establish a Sky News board, which will be maintained for at least 10 years, as well as promising annual expenditure on Sky News will be at least equal to that of the past financial year.

"The rights may come with multibillion-pound price tags, but Sky has proven the Premier League deals are well worth the outlay".

On Wednesday, Sky also welcomed commitments the US cable giant had made to address potential public-interest concerns over Sky News, its influential 24-hour news channel.

Comcast, which owns Universal Pictures and NBC, said it had formalised its offer to coincide with its own results, giving it an opportunity to explain to investors the merits of the bid.

Comcast, which owns cable channels MSNBC and CNBC, argues its approach would escape concerns over media plurality because of its "minimal presence" in United Kingdom media.

Recommended

  • Jurgen Klopp's update on Alex Oxlade-Chamberlain did not sound good

    Jurgen Klopp's update on Alex Oxlade-Chamberlain did not sound good

    Oxlade-Chamberlain has been in fine form in recent months and was picked to start in midfield during Liverpool's crucial semi-final first leg at Anfield on Tuesday night.
    Mets' Harvey roughed up, scoffs at bullpen talk

    Mets' Harvey roughed up, scoffs at bullpen talk

    For the time being, though, it will be interesting to see how Callaway utilizes Harvey in his new role with the club. "He will need to be evaluated after his session by the doctor to make sure he's good to go", Callaway said .
    Amazon India lists OnePlus 6 as coming soon

    Amazon India lists OnePlus 6 as coming soon

    Users then have to choose their city and click on the "Get It" button which will generate a ticket coupon code if it's available. The higher variant of OnePlus 6 with 6GB RAM and 128GB internal storage space may get be priced between Rs 39,999 and Rs 42,999.
  • Slate Belt musician who wrote 'Schoolhouse Rock' songs is dead at 94

    Slate Belt musician who wrote 'Schoolhouse Rock' songs is dead at 94

    Jazz musician Bob Dorough , the chief composer of the " Schoolhouse Rock " cartoon series, died Monday at the age of 94. Dorough released his first album, Devil May Care , in 1956.
    Milind Soman and Ankita Konwar breaks-up?

    Milind Soman and Ankita Konwar breaks-up?

    The pre-wedding parties, that included a mehendi feature, a haldi ceremony and a sangeet ended up stored in Alibaug on Saturday. In some pictures garlands can be seen while in another Ankita can be seen sporting mehndi as she poses with Milind.
    Iranian general threatens all Israel air bases 'within reach'

    Iranian general threatens all Israel air bases 'within reach'

    Israel now expects Russian Federation to intervene in the matter and accept its red lines, rejecting any Iranian military presence in Syria.
  • Will US Treasury drop Rusal sanctions?

    Will US Treasury drop Rusal sanctions?

    Rusal declined to comment on requests from worldwide media, while Deripaska's spokeswoman wasn't immediately available. However, the Russian oligarch is trying to save Rusal without surrendering control.
    Piers Morgan is getting rinsed for his claims about Mo Salah

    Piers Morgan is getting rinsed for his claims about Mo Salah

    After receiving the most prized individual accolade in English football, the Egyptian said there was more to come from him. He's a fantastic manager who keeps you on your toes, keeps pushing you to improve.
    The laughing Melania trump and Barack Obama became an Internet meme

    The laughing Melania trump and Barack Obama became an Internet meme

    Former US first lady Barbara Bush , the wife of former President George HW Bush, passed away at age 92 on Tuesday (April 17). It is unclear what the two were discussing but they both briefly smiled and now the moment has gone viral on social media.
  • Ford targets higher margins faster, to drop unpopular cars

    Ford targets higher margins faster, to drop unpopular cars

    Executives talked about the need to further improve operations in Europe and South America. Ford shares rose 2.6 percent to $11.40 in after-hours trading on Wednesday.
    Meek Mill has been released from prison

    Meek Mill has been released from prison

    Meek Mill , who was sentenced after violating his probation on a drug and weapon's case regained his freedom on Monday. After his release, Williams said in a statement that the five months he spent in prison "have been a nightmare".
    Third Judge Blocks Trump's Bid to End DACA

    Third Judge Blocks Trump's Bid to End DACA

    While the previous decisions came from judges appointed by President Bill Clinton, Bates was nominated by President George W. Trump, they've also ended up hurting Dreamers by sapping the urgency of Congress to take up a more permanent reform.

Top Trump Official Admits He Sold Access to Lobbyists as a Lawmaker Top Trump Official Admits He Sold Access to Lobbyists as a Lawmaker If you were a lobbyist who gave us money, I might talk to you. "We had a hierarchy in my office in Congress", [said] Mr. Among those who donated to his campaign were payday lenders , who gave him over $60,000.

Facebook keeps earning despite data privacy scandal Facebook keeps earning despite data privacy scandal The government has also sought information about the entities working under CA along with the details of their directors. The company said it was increasing the amount of money authorized to repurchase shares by an additional $9 billion.

Captain 'Invincible' Patrick Vieira responds to Arsenal links Captain 'Invincible' Patrick Vieira responds to Arsenal links He said: "I do not want to influence the job for the next manager, but of course I have a high opinion of Luis Enrique". I don't know if there a ideal goodbye. (But) honestly, and seriously, no (I haven't been contacted).

Mnuchin will head to China for trade talks Mnuchin will head to China for trade talks Trade Representative Robert Lighthizer, National Economic Council director Larry Kudlow, and White House trade adviser Peter Navarro.

WhatsApp Raise Age Limit & Millions Of Teens Banned From Next Month WhatsApp Raise Age Limit & Millions Of Teens Banned From Next Month It has made substantial changes in the past, including allowing users to download a copy of their data from the app. Prior to this and for the most part with regards to online services, it requires users to be at least 13 years old.

Karnataka wants Narendra Modi's idea of development: Sambit Patra Karnataka wants Narendra Modi's idea of development: Sambit Patra On the allegation that JDS elements are more powerful in Congress , he replied, "Deve Gowda had expelled me from the party (JDS)". Party sources said Modi, BJP's biggest crowd-puller, is likely to kick off a series of rallies in the southern state from May 1.

Ronaldo? Real must worry about Lewandowski - Heynckes Ronaldo? Real must worry about Lewandowski - Heynckes Bayern Munich's David Alaba is set to undergo a late fitness test as the Austrian worldwide faces missing the game due to injury. But this is where it gets tricky because the only salvation for Zinedine Zidane and his players is the Champions League .

CPM re-elects Sitaram Yechury as party's General Secretary CPM re-elects Sitaram Yechury as party's General Secretary Those who were included in the central committee when they were state secretary have to be replaced with new ones, they demanded. The last 12 hours leading to reconstitution of Politburo and central committee saw hectic negotiations.

Google Is Giving Gmail a Makeover Google Is Giving Gmail a Makeover For business users, the G Suite admin will have to enable these new features by enrolling in the G Suite Early Adopter Program. Notwithstanding, the choice wasn't accessible for us right now, so the take-off is by all accounts slower than anticipated.

Kipchoge clocks third London Marathon win Kipchoge clocks third London Marathon win James Stockle was among the thousands of runners who took part in the 26-mile event yesterday (Sunday April 22). Elsewhere Chris Ashby from Polegate ran his first ever full marathon, achieving a time of 5 hours 18 minutes.

KellyAnne Conway Calls Melania Trump 'Superior' First Lady to Michelle Obama KellyAnne Conway Calls Melania Trump 'Superior' First Lady to Michelle Obama She continued: "There has been a different standard for me than there have been for other people". The mainstream media jumped in to defend her.

Jazz look for 3-1, lead, T-Wolves aim to tie Rockets Jazz look for 3-1, lead, T-Wolves aim to tie Rockets Westbrook finished with 14 points on 5-of-17 shooting, 11 rebounds, nine assists and eight turnovers. He was talking about slowing down Rubio, but he might be better served getting himself going again.

Rahul Gandhi failed leader, Congress impeachment to end with Karnataka results: BJP Rahul Gandhi failed leader, Congress impeachment to end with Karnataka results: BJP He said this because he believes that they did not want the rule of government but want the rule of the dynasty. The campaign will continue till next year's April 14, the birth anniversary of Dalit icon Bhim Rao Ambedkar.

Landry claims first title at Valero Texas Open Landry claims first title at Valero Texas Open The 19-year-old merely birdied his last three holes for a second straight 67 and solo sixth place. The resulting bogey gave Landry the gift of a two-shot lead heading to the par-five 18th.

SC to be moved against rejection of impeachment motion SC to be moved against rejection of impeachment motion "Senior lawyer Fali Nariman told a newspaper that it was "a frightful black day" in the history of Indian Supreme Court ". Naidu cited lack of substantial merit in it as he rejected the notice given by opposition parties led by the Congress .