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
Barry Walsh is editor and content director for realscreen, and has served as editor of the publication since 2009. With a career in entertainment media that spans two decades, prior to realscreen, he held the associate editor post for now defunct sister publication Boards, which focused on the advertising and commercial production industries. Before Boards, he served as editor of Canadian Music Network, a weekly music industry trade, and as music editor for HMV.com. As content director, he also oversees the development of content for the brand's market-leading events, the Realscreen Summit and Realscreen West, as well as new content initiatives.

Menu

Search