Comcast Bids $30B for Sky TV in UK, Threatening Murdoch Bid
Just moments after Comcast placed its bid, Sky said it is withdrawing its recommendation to shareholders to accept 21st Century Fox's bid
U.S. media conglomerate Comcast has made a 22 billion pound ($30 billion) bid for London-based pay TV operator Sky in a move that threatens a rival bid by Rupert Murdoch.
Comcast CEO Brian Roberts said his company's cash offer, made Wednesday, values each Sky share at 12.50 pounds, above the 21st Century Fox offer of 10.75 pounds.
21st Century Fox issued a statement saying it remains committed to its offer and is "currently considering its options."
U.S. & World
21st Century Fox has offered to insulate Sky's news operations from the influence of Murdoch and his family, who already own several other media titles in the U.K., to win approval of its bid.
Comcast committed to maintain funding for 10 years for Sky News.
Just moments after Comcast placed its bid, Sky said it is withdrawing its recommendation to shareholders to accept 21st Century Fox's bid.
Comcast is the parent company of NBCUniversal, which owns this TV station.