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.