Comcast Enters Bid to Purchase Sky News

A View Of The Comcast Center

Roberts said the Sky board's withdrawal of its support for Fox's offer was "the flawless step as far as we are concerned today".

He added: "We also understand the role that Sky plays in United Kingdom society and in its customers' lives and we are determined to be responsible and trusted owners of Sky".

Comcast confirmed the terms of its...

"We are delighted to be formalizing our offer for Sky today", Comcast chairman and CEO Brian Roberts said in a statement.

Sky's independent board members are withdrawing their recommendation of the 21st Century Fox bid.

Comcast said it had secured a bridge loan of up to 16 billion pounds and a term loan credit agreement of up to 7 billion pounds to fund the deal. 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.

On Wednesday's earning call with investors Roberts said that Comcast loves its position of being both an owner and distributor of content and is impressed by continued momentum in Sky's business, which is a company that looks very similar to Comcast. Comcast had made a preliminary proposal in February.

The Competition and Markets Authority (CMA) said in February that it was minded to block the deal because it concentrated too much influence over the United Kingdom media industry in the hands of the Murdoch Family Trust - the vehicle by which Rupert Murdoch, the executive chairman of 21st Century Fox, owns a controlling stake in both that company and in News Corporation, owner of The Sun, the UK's top-selling national newspaper.

"We also understand the role that Sky plays in United Kingdom society and in its customers' lives and we are determined to be responsible and trusted owners of Sky", Roberts said.

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Not acquire any majority interest in United Kingdom newspapers for five years. Generously add those to consensus estimates for Sky's operating profit in 2020, tax the lot at 18 percent, and the return on invested capital is nearly 7 percent.

"We also understand the role that Sky plays in United Kingdom society and in its customers' lives, and we are determined to be responsible and trusted owners of Sky", Roberts said in a statement.

Comcast stock rose 3% TO $34.34, while 21CF rose 2% to $36.78 in U.S. trading.

"As far as the value of Sky goes, that's a game changer".

Fox said it remained committed to its cash offer for Sky and was considering its options.

It's open season for Sky, which has a major satellite television and broadband internet presence in Austria, Germany, Ireland and Italy in addition to the U.K. Sky also is a major producer of movies and TV shows and a holder of major European sporting rights.

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

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.

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