Speed Reads

Mergers and acquisitions

Comcast makes $31 billion offer for Britain's Sky, outbidding Rupert Murdoch's 21st Century Fox

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.