Culture&Arts

Fox prepping $33B bid for Sky to fight off Comcast

Fox prepping $33B bid for Sky to fight off Comcast

Comcast, which made a $65 billion all-cash offer for the Fox assets last month only for Disney to raise its bid, is talking to private equity firms, including Apollo Global Management LLC (APO.N) and Blackstone Group LP (BX.N), to gauge interest about acquiring the RSNs, the sources said.

Fox could face further competition from the U.S. cable giant Comcast, however, after it forced Sky's independent directors to drop their previous backing for Fox with an unexpected £12.50-a-share bid for the group in February.

Fox has increased its bid by just over 30 percent since its first offer in December 2016.

Britain's former Culture Secretary Matt Hancock, who was replaced on Monday night with Jeremy Wright in a cabinet shakeup, had said he was willing to let the takeover go ahead, provided Fox sold Sky's 24-hour news channel to Disney. The new bid values Sky at $32.5 billion. Murdoch has agreed to sell Fox's entertainment assets including its stake in Sky to Disney, though Comcast is weighing another counteroffer for the Fox portfolio.

The pursuit for Sky is meanwhile further complicated by a battle between Walt Disney and Comcast for key assets of 21st Century Fox.

More news: Croatia wary of 'young, alive, attacking' England ahead of semi-final showdown

The world's biggest entertainment company and owner of NBC and Universal Pictures gate crashed Murdoch's bid for Sky in February. This transformative transaction will position Sky so that it can continue to compete within an environment that now includes some of the largest companies in the world, but none of whom have demonstrated the same local depth of investment and commitment to the United Kingdom and to Europe.

Disney secured conditional USA approval to buy the assets last month, giving it an edge over Comcast's bid.

Sky's independent directors accepted the latest Fox offer. Fox already owns about 39% of Sky. On Tuesday, he said he intends to announce his final decisions by tomorrow July 12.

Fox said Disney had given its consent to the additional debt Fox would take on and said that it would reimburse Fox by around 1 billion pounds if Fox succeeds in buying Sky at that price, but the Disney-Fox transaction falls through. News Corp., which is controlled by the Murdochs, withdrew its bid for Sky soon after.


  • Turns out football isn't coming home after all

    Turns out football isn't coming home after all

    Defeat to Croatia in extra-time is heart-breaking for everyone with a connection to or interest in English football. The former sports star said: "I asked him, 'so, is football coming home?' ".
    Hamilton points finger at Ferrari's 'interesting tactics'

    Hamilton points finger at Ferrari's 'interesting tactics'

    It soon developed into a Ferrari-Mercedes duel, with Raikkonen also challenging the third-placed Hamilton. Raikkonen was adjudged to have been at fault with the stewards meting out a 10-second penalty.
    12 boys rescued from Thai cave unable to attend World Cup final

    12 boys rescued from Thai cave unable to attend World Cup final

    The four boys rescued first are "well, they're up and about", Sky News' southeast Asia correspondent, Siobhan Robbins, said. The team's 25-year-old coach and four boys are still deep inside the flooded and sprawling cave.
  • Donald Trump: NATO allies should double defence spend goal

    Donald Trump: NATO allies should double defence spend goal

    Mr Trump has been pressing member countries to spend more on defence, accusing them of passing the burden on to the US. First Lady Melania Trump attend the evening reception and dinner at the 2018 NATO Summit.
    Gareth Southgate could not listen to 'Three Lions' since penalty miss

    Gareth Southgate could not listen to 'Three Lions' since penalty miss

    We know what's at stake and in such moments you forget any fatigue you may feel because this is maybe a once-in-a-lifetime opportunity.
    YouTube to fight fake news with links to real news and context

    YouTube to fight fake news with links to real news and context

    The grants will let new orgs build out video capabilities, train staff on video best practices, and enhance production facilities. YouTube said it would expand its support team for news publishers, and provide additional sources and context on breaking news.
  • Wimbledon to remain football-free zone despite World Cup fever

    Wimbledon to remain football-free zone despite World Cup fever

    Wimbledon's big screen hasn't shown any England games since Euro 1996. "They'll hear every point, wow, love-15, 15-30", he said. The players are going to look up in the crowd and not understand what's going on at Wimbledon .
    How to enable USB Restricted Mode in iOS 11.4.1

    How to enable USB Restricted Mode in iOS 11.4.1

    The answers are uncertain, but critics are making it clear that Apple has an issue with its Lightning communication protocol. Security researchers at ElcomSoft point out that connecting a USB accessory inside the 1-hour window restarts the clock.
    Australian dollar smacked as Trump readies $200bn tariffs for China

    Australian dollar smacked as Trump readies $200bn tariffs for China

    He added the United States is ready to target an additional $200 billion, and then $300 billion more should Beijing retaliate. China quickly responded by imposing tariffs on $34 billion in USA products. "American families are the ones being punished".
  • UK Labour leader Corbyn blasts PM May over Brexit struggles

    UK Labour leader Corbyn blasts PM May over Brexit struggles

    The ex-MP said there was a "plan" to curtail the role of the Brexit department. "Now there is chaos", it said in its editorial. He said this was "possibly because they are re-polishing part of it - which may well be a good sign".
    Duchess of Sussex wears outfit by designer who criticised her wedding dress

    Duchess of Sussex wears outfit by designer who criticised her wedding dress

    President Higgins and his wife Sabina greeted Prince Harry and Meghan at the presidential residence, Áras an Uachtaráin in Dublin. Meghan and the French-born designer go way back, having been spotted enjoying lunches out together on occasion.

    United Kingdom man exposed to nerve agent is conscious

    Britain has notified the global chemical weapons watchdog, the Organisation for the Prohibition of Chemical Weapons (OPCW). Despite the British government blaming Russian Federation , police have not named suspects in either poisoning incident.