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Bloomberg News
ComcastGoing international After an unusual auction that took place in the last 24 hours, Comcast obtained Saturday the right to acquire the American pay television distributor. Sky PLC.The auction company Fox(and his future owner, Disney), with an offer of 40 billion dollars.
Comcast declared the victory in a statement on Saturday afternoon. "It's a great day for Comcast," said Brian Roberts, CEO and President of Comcast. "Sky is a great company with a great platform, an outstanding brand and an accomplished management team. This acquisition will enable us to rapidly, efficiently and significantly increase our clientele and develop internationally. "
Sky offers quality sports programming, including cricket, rugby, cycling, tennis, Formula 1 racing and the English Premier League.
The agreement is still not finished. Sky's shareholders will have to approve Comcast's offer. Fox still holds 39% of Sky, and it's unclear how Comcast, Fox and Disney, clear rivals, will work together if Comcast were to close the deal for Sky's involvement.
On Friday, Imperial Capital analyst David Miller argued that a Comcast victory would complicate the future for all parties involved. "In our view, Disney will become a much more complicated company to scan for the street at the close of the deal with Fox, but in our view, becoming a Sky divestment partner with Comcast further complicates the situation.
Comcast's final offering was about $ 8 billion higher than its last offering in July. The award could give a pause to Comcast investors. Comcast shares fell 7.4% the day the company's interest in Sky became known at the end of February, with Wall Street being surprised by Comcast's sudden attention to international distribution.
The Comcast stock is still down 4% from the February announcement. According to Sky Capital, Comcast's international revenue will grow from 8% of its total to 25%.
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