Home Business NewsBusiness Sky shares fly amid bidding war for control

Sky shares fly amid bidding war for control

by Purvai Dua
12th Jul 18 9:09 am

Shares in Sky jumped 3 per cent in early trading after US media giant Comcast submitted a £26bn bid for the group just hours after Rupert Murdoch raised his offer to £24.5bn.

Escalating a trans-Atlantic bidding war for the broadcast group, Comcast said its latest offer had been recommended by Sky’s independent committee of directors.

Brian Roberts, chief executive of Comcast, said: “We have long admired Sky, which we believe is an outstanding company and a great fit with Comcast.Today’s announcement further underscores this belief and our commitment to owning Sky.”

Meanwhile, Comcast and Walt Disney are locked in a separate $70bn-plus battle to buy most of Fox’s assets, which would include Sky, and Disney is backing Murdoch in his pursuit of the British company.

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