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LONDON (Reuters) – Comcast said it would stop buying Sky's shares in the market after gaining 38 percent stake and 39 percent from Rupert Murdoch in the $ 40 billion buyout.
FILE PHOTO: The NBC and Comcast logos are displayed at 30 Rockefeller Plaza in Midtown Manhattan, New York, United States, on February 27, 2018. REUTERS / Lucas Jackson / File Photo
The US cable television company triumphed in the long-running Pay TV battle after defeating Murdoch's Twenty-First Century Fox at a rare auction last weekend.
The 17.28-pound deal also marks a setback for US entertainment giant Walt Disney, who is said to have been the ultimate owner of Sky, which has signed a separate $ 71-billion deal to buy most of film and television assets.
Fox, who helped launch the British company, said Wednesday that it would now sell its 39% stake in Sky to Comcast, giving its US rival over 51% control.
Comcast will issue the offer document on Thursday and shareholders will then be able to deposit their shares in the usual manner. Investors have until October 11 to do it.
The deal will give Comcast, the owner of Universal Pictures and the NBC network, a global presence of 53 million customers.
Report by Kate Holton; edited by Sarah Young; Edited by Emelia Sithole-Matarise
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