Comcast Outbids 21st Century Fox to Purchase Skydate_range
TV and Film companies across the globe are trying to reduce the impact of Netflix and Amazon Prime on the number of users. As a part of attracting more users, the companies have been trying to acquire Sky, one of the popular television companies in the United Kingdom. 21st Century Fox has been trying to acquire Sky for a long period of time, but Comcast has apparently beat the company. According to the latest reports, Sky is now to be bought by Comcast, who has outbid 21st Century Fox. It should be noted that the deal hasn’t been confirmed by the TV company.
Coming to the number, Comcast put a final value of around $39 Billion. As per this amount, each of the Sky shares was valued at £17.28. The number is quite bigger than the bid made by 21st Century Fox, which valued each share of the TV company at £15.67. One thing that can impact the decision is the fact that Fox currently owns 39% of the stake at Sky. This may have an unexpected decision regarding the sale, which should have gone positive for Comcast. For Comcast, however, this is a kind of success, considering that it lost a previous attempt to purchase Fox.
The decision to purchase Sky is not the first in the recent history of entertainment. Companies have been trying to combat with services like Netflix, Amazon Prime etc. who are pouring a lot of money into production and promotion alike. This has decreased the dependence on traditional TV and film services. Through these acquisitions, the companies are trying to find some common ground. As for Sky TV, the purchase bundle will also include a streaming service named Sky Q, which was expected to bring the best of both worlds, hence putting a tight competition for Netflix and others.