Comcast takes advantage of giving and taking for Sky

Comcast, the US cable group, has launched the latest salvo in a dramatic transatlantic auction war against Rupert Murdoch's 21st Century Fox by increasing its pan-European pay-TV group Sky purchase offer to 26 billion. Comcast said in a statement released at the last minute that he agreed to increase his bid for Sky, based in the UK, to £ 14.75 per share, against his offer. April, when he proposed 12.50

The offer culminated a day of frenzied activity that began with Fox presenting his own improved offer to buy the remaining 61 percent of Sky that's going on. he does not yet have 14 pounds per share.

Fox's new offering was backed by Disney, the US media group that seeks to acquire the majority of Murdoch's company separately, including its 39% stake in Sky. [19659002] In addition to the drama, Disney, Comcast and Fox executives meet in Sun Valley, Idaho, for an annual conference that draws the media industry's elite.

The situation is the clearest signal that Disney and Comcast are engaged in a multi-continent struggle to shape the future of the industry, at a time when digital disrupters, led by Netflix, are making havoc on the business models of long-standing companies in the market.

Disney has already defended once from a Comcast attack by increasing its offer to purchase Fox's entertainment assets at $ 71 billion. That stopped a $ 65 billion proposal from Comcast that usurped an initial $ 20 billion offer.

The improved offer underscores the desire of Comcast's director, Brian Roberts, to diversify the cable giant outside of the United States. Disney's rival, Bob Iger, in a battle for profitable entertainment assets.

Roberts told his entourage that he wanted the new offer to be published immediately, so his advisers would act quickly and not let that happen. One day without beating Fox's latest offer, according to people close to him.

Roberts and his team have also been working in recent weeks on a counterproposal to close the Disney deal with Fox, according to relatives of the cable company.

He said: "We are pleased to announce today (yesterday) a recommended increased offer for Sky.We have long admired Sky, which we consider to be an outstanding company and that fits perfectly with Comcast The announcement further underscores this belief and our commitment to owning Sky. "

Martin Gilbert, Sky's vice president, said that the Independent Entertainment Group's committee unanimously recommended the 39; improved offer of Comcast.

Sky closed the quote yesterday at 14.94 pounds

THE FIRST PLAN

Yesterday, earlier, 21st Century Fox accepted new terms to acquire Sky in a case worth 24 500 mdl. Fox released yesterday that it agreed to pay 14 pounds per share for Sky, a significant premium over the original £ 10.75 per title deal with the London-based company in December 2016.

Last Tuesday, Financial Times reported that Fox was preparing to improve its offer for Sky to fight Comcast, the cable and entertainment group at, that last April entered the force with his own offer of 12.50 pounds per share of the company.

Sky's independent committee said Fox's offer "represents a substantial increase in value in comparison with Comcast's offer." intend to unanimously recommend "the offer to Sky shareholders.

"We are delighted with this improved offer, which is 30% higher than the original 21st Century Fox proposal and 12 percent higher than Comcast's," said Martin Gilbert, Committee Director. "This offer reflects the strong position of the company and is an attractive bonus for shareholders."

However, Murdoch's company is still expected to receive permission from the British government for the planned acquisition of Sky, something that remains a major obstacle to the deal.

The new offer has been presented below the operating range of the last days for Sky shares, which closed Tuesday at 15.01 pounds, which gave the company a market value of £ 25,600 million. Sky has a net debt of 7,400 million pounds, according to data from FactSet

Analysts have questioned Fox's latest offer: "It seems inconceivable that an agreement can be reached at this level of 14 books." said Alex DeGroote, independent analyst of the City of London. "It's not at all a coup de grace, and it baffles us to recommend it."