People/Biz

Fox publishes offer document for Sky, with a deadline of Sept. 22 to boost bid

21st Century Fox has published a formal offer document in the push to acquire European satcaster Sky — a business battle that currently has Fox offering a lower price for ...
August 7, 2018

21st Century Fox has published a formal offer document in the push to acquire European satcaster Sky — a business battle that currently has Fox offering a lower price for Sky than its bidding competitor, Comcast.

With shareholders for 21st Century Fox and the Walt Disney Company having recently given the nod to a proposed acquisition of Fox assets by Disney, 21st Century Fox executive chairman Rupert Murdoch (pictured) and his team are now focusing their attention on acquiring the 61% of Sky that it doesn’t already own. If it is successful, and the proposed US$71.3 billion Disney/Fix tie-up occurs, ownership of Sky will transfer to Disney.

Under UK takeover law, Fox had to publish a formal offer document for Sky by Thursday (August 9) in order to remain in the running for the acquisition. In a release announcing the publication of the document, Fox added that again, under UK takeover regulations (or the City Code of Takeovers and Mergers), it has until September 22 to publish a revised offer document.

Fox is slated to issue its latest earnings report on Wednesday (August 8). At present, its offer for Sky stands at £24.5 billion (approximately US$32.4 billion). The latest bid from Comcast, meanwhile, offers $34 billion for the European pay TV brand.

About The Author
Senior staff writer Frederick Blichert comes to realscreen with a background as a journalist and freelance film critic. He has previously written for VICE, Paste Magazine, Senses of Cinema, Xtra, Canadian Cinematographer and elsewhere. He holds a Master of Arts in film studies from Carleton University and a Master of Journalism from the University of British Columbia.

Menu

Search