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Battle for Sky, Comcast outbids Fox

Sky plc is up for grabs as the two giant companies bid it out to gain its ownership. But Cable giant outbids its competition the entertainment company Fox.

Sky plc is a British media and telecommunications company that is headquartered in London.

Comcast has won the company over Fox for around £30 billion or over £17.28 per share beating Fox with its offer £15.67 per share, making the sale the biggest takeover seen in Europe’s media history. The auction took over three rounds which is a rare case for the said auction.

Chairman and Chief Executive of Comcast, Brian Roberts said that the Media Company Sky is one tremendous brand, and has said that it is a great company with a great platform and a management team that can accomplish.

Sky made it clear to its shareholders that the bid will have a great outcome, therefore convincing them to accept it.

While Comcast is encouraging the shareholders of Sky to accept its offer, Fox said that it is “considering its options” coming along from its 39% shares that are currently owned in the Media company.

Sky plc will be a big help in raising the competency level of either company online that includes streaming services that could be sold directly to its viewers.

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