British Government Clears Fox’s Sky Bid as Battle for Pay-TV Giant Heats Up

Variety | 7/12/2018 | Stewart Clarke
Click For Photo: https://pmcvariety.files.wordpress.com/2018/06/sky-cropped.jpg?w=700&h=393&crop=1

The British government has finally given the go-ahead to 21st Century Fox’s bid to buy the 61% of Sky it does not already own, clearing the way for an expensive shootout between Fox and Comcast for control of Europe’s biggest pay-TV player.

The media heavyweights have already traded salvos this week. Fox upped its offer for Sky by 30% on Wednesday, ahead of the deal getting the green light in the U.K., which prompted Comcast to counter hours later with a richer $34 billion bid.

Jeremy - Wright - Matt - Hancock - Britain

Jeremy Wright, who replaced Matt Hancock as Britain’s culture and media secretary earlier this week, announced the clearance of Fox’s bid on Thursday after months of regulatory review. Both bids by Fox and Comcast have now received official sanction to proceed.

Fox offered a range of concessions to get its Sky bid approved, including offloading Sky News to Disney and guaranteeing its funding for 15 years. Comcast has also offered...
(Excerpt) Read more at: Variety
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