Comcast said it has completed the purchase of 75% of the outstanding shares of British satellite company Sky, including the interest formerly held by Sky’s once-controlling shareholder 21st Century Fox.
With the purchase, Comcast said it is now the majority shareholder of Sky and that its ownership is unconditional.
Comcast won a blind auction for Sky on Sept. 22, beating out Fox with a bid worth $40 billion. Comcast said it would offer the same price (about $22. 55 per share) for Fox’s remaining interest in the satellite company, adding about another $15 billion to the total price tag. Fox said earlier it would accept that offer, selling the shares either on the open market or directly to Comcast.
“We are pleased today to be the majority owner of Sky,” Comcast chairman and CEO Brian Roberts said in a statement. “Led by Jeremy Darroch and his superb team -- now together with Comcast -- our combined global leadership in technology and content paves the way for us to accelerate investment and growth in Sky’s brand and premier platforms. We are also fully committed to ensuring Sky News' future, maintaining its editorial independence, and preserving its strong track record for trusted, high quality, impartial news.”
In his own statement, Sky’s Group CEO Darroch praised Comcast for its commitment to investing in Sky.
“Comcast have committed to investment in Sky, including our Osterley and European headquarters and we very much look forward to working with Brian and the Comcast team to achieve further growth and development of Sky’s business,” Darroch said in a statement. “Separately, Sky News will benefit greatly from Comcast’s funding commitments over the coming years and the arrangements that will be put in place to preserve and enhance its editorial independence.”