On Tuesday, Comcast made a cash offer for Britain's Sky PLC, outbidding Rupert Murdoch's stalled attempt to purchase the European satellite TV giant by about 16 percent per share. Comcast's £12.50-a-share ($17.50) offer values Sky at $31 billion. "We think Sky is an outstanding company," Comcast CEO Brian L. Roberts said in a statement. "Comcast intends to use Sky as a platform for growth in Europe. We already have a strong presence in London through our NBCUniversal international operations, and we intend to maintain Sky's U.K. headquarters. Adding Sky to the Comcast family of businesses will increase our international revenues from 9 percent to 25 percent of company revenues."
Murdoch has long wanted to purchase the 61 percent of Sky his company doesn't already own, making a $16.3 billion offer in December 2016, but British regulators have raised objections.
Subscribe to 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.
-
Gripping political thrillers to stream nowThe Week Recommends From power struggles to deadly conspiracies, these addictive shows are nail-bitingly tense
-
What to know before turning to AI for financial advicethe explainer It can help you crunch the numbers — but it might also pocket your data
-
Book reviews: 'The Headache: The Science of a Most Confounding Affliction—and a Search for Relief' and 'Tonight in Jungleland: The Making of Born to Run'Feature The search for a headache cure and revisiting Springsteen's 'Born to Run' album on its 50th anniversary
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
A potential railway megamerger raises monopoly questionsThe Explainer Union Pacific and Norfolk Southern would create the country's largest railway operator
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
