21st Century Fox to Sell Its Stake At Sky for $15 Billiondate_range
It was reported a few days earlier that Comcast outbid 21st Century Fox in an attempt to purchase Sky, one of the popular TV companies in the United Kingdom. However, a decision was not reached instantly, since Fox owned a noticeable amount of stake in Sky. According to the latest reports, however, Fox has decided to sell this remaining stake to Comcast so that it can complete the purchase. 21st Century Fox will be charging an amount of $15 Billion as the value of the stakes. Fox is asking for a per-share charge of $22.75, bringing the total value to $15 Billion.
Multiple sources had suspicion whether Fox will be selling the 39% of its stake to the competitor. It needs to be noted that Comcast and 21st Century Fox have been fighting for Sky acquisition for a long period of time, since the same would help both companies. The nature and products offered by Sky are expected to help in the process of fighting the increasing monopoly of online streaming services and its impact on TV companies. Considering that Comcast had offered an amount of $40 Billion, it was up to Fox to make the decision, which used to own 39% of stake.
Now that more than majority of stakes are with Comcast, it can proceed with the purchase and get things on time. Speaking about the decision, Disney — the parent company of Fox — said that the $15 Billion would help Disney deal with the debt it has caused while purchasing Fox a few months back. The company added that it would be keeping its investments alive in areas like content creation and that it would be using many of the direct platforms it has. Despite the acquisition, some internal sources say that Comcast would not be taking control of Sky UK, which would be allowed to function independently.