US media giant Comcast has outbid Rupert Murdoch’s 21st Century Fox to win control of Sky, bringing to an end a protracted takeover battle that stretches back almost a decade.
Reuters says chief executive Brian Roberts “has had his eye on Sky as a way to help counter declines in subscribers for traditional cable TV in its core US market as viewers switch to video-on-demand services like Netflix and Amazon.”
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
However, the move will come as a bitter blow to Rupert Murdoch who has long harboured ambitions to take control of the 61% of Sky he doesn’t already own.
A takeover bid in 2011 was dropped in the wake of the phone hacking scandal, only to be renewed in December 2016.
Some politicians had opposed the takeover, however, citing concerns about the influence Murdoch would wield over the UK’s news agenda.
Murdoch has made numerous concessions to regulators, but in the end it was the last-minute intervention of a rival that scuppered his plans.
The media mogul and his sons Lachlan and James said that they are considering their next steps with regards to the 39% of Sky they still own and "will make a further announcement in due course," according to a memo to staff obtained by CNN.
“In the end, Comcast perhaps needed it more urgently with their home market in the US dwindling” says BBC business editor Simon Jack, “but the biggest cheers tonight will be from Sky shareholders - who have seen the value of the company driven up by two deep-pocketed rivals in the auction room”.
Comcast will pay them £17.83 pence per share - nearly double what they were worth a year ago.
-
The rise in unregulated pregnancy scansUnder The Radar Industry body says some private scan clinics offer dangerously misleading advice
-
Democrats seek 2026 inspiration from special election routsIN THE SPOTLIGHT High-profile wins are helping a party demoralized by Trump’s reelection regain momentum
-
Film reviews: ‘Bugonia,’ ‘The Mastermind,’ and ‘Nouvelle Vague’feature A kidnapped CEO might only appear to be human, an amateurish art heist goes sideways, and Jean-Luc Godard’s ‘Breathless’ gets a lively homage
-
Larry Ellison: the billionaire’s burgeoning media empireIn the Spotlight Oracle founder’s takeover of traditional and new media companies labelled ‘dangerous for democracy’ by US press watchdog
-
Phone hacking: victory for Prince Harry?Talking Point Even those who do not share the royal's views about the press should 'commend' his dedication to pursuing wrongdoing
-
Rupert Murdoch's succession problemTalking Point A court ruling has thrown the future leadership of News Corp and Fox wide open. What next?
-
Rupert Murdoch's behind-closed-doors succession court battleThe Explainer Media mogul's legal dispute with three of his children over control of his influential empire begins today
-
Rupert Murdoch is in a 'Succession'-style rift with his kids over his media empireThe Explainer Murdoch and his son Lachlan are attempting to maintain his empire's conservative swing following his eventual death
-
Flying too close to The Sun: do newspaper endorsements matter any more?Today's Big Question Power of the press has diminished but can still set the terms of the debate and signify direction of travel
-
Rupert Murdoch steps down: a legacy of power and scandalTalking Point Lachlan Murdoch succeeds his father as head of media empire
-
Fox News: the high price of peddling liesIn Depth Murdoch is ‘unlikely to change his ways’ despite record settlement
