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.
-
Outer Hebrides: a top travel destinationThe Week Recommends Discover 'unspoiled beauty' of the Western Isles
-
The Biltmore Mayfair review: a quintessential slice of luxury LondonThe Week Recommends This swanky retreat in Grosvenor Square blends old-world glamour with modern comforts
-
Is ChatGPT's new search engine OpenAI's Google 'killer'?Talking Point There's a new AI-backed search engine in town. But can it stand up to Google's decades-long hold on internet searches?
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
