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Bloomberg / Bloomberg via Getty Images
Bloomberg / Bloomberg via Getty Images
Philadelphia-based Comcast outbid 21st Century Fox on Saturday to take control of British broadcaster Sky for about $ 39 billion.
The US cable giant came in first at a three-round auction held by UK regulators, offering about $ 2 more per share.
Comcast and Fox wanted Sky to compete with Netflix and Amazon online streaming services.
NPR's Frank Langfitt tells Newscast that "Sky has 23 million subscribers and rights to Premier League football matches, and Comcast has found Sky attractive because it allows them to partner with the United States. United."
Rupert Murdoch & # 39; s Fox, who owned a part of Sky, had wanted to acquire the entire company for years.
But Langfitt reports that Fox's efforts "derailed after a hacking scandal involving Murdoch's British tabloids." The British government also raised questions about whether the complete acquisition of Sky would put too much media power in Murdoch's hand. "
Since then, Fox has agreed to sell most of its entertainment assets to Disney.
In a statement, Sky urged shareholders to accept Comcast's offer and sell their shares immediately.
"Sky is a great company with a great platform, a great brand and an accomplished management team," Comcast CEO Brian Roberts said in a statement. "This acquisition will enable us to rapidly, efficiently and significantly increase our customer base and expand internationally."
Comcast said it hoped to complete the takeover by the end of October.
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