Fox will sell its stake in Sky to Comcast as part of a $ 15 billion deal – Adweek

Four days after losing an auction with Comcast for control of Sky, 21st Century Fox has decided to sell Comcast its 39% stake in the European media giant in a deal valued at more than $ 15 billion.

"In light of the bonus that Comcast has agreed to pay for Sky, we and Disney have decided to sell Sky's 39% stake in Comcast. We commend Comcast for their imminent acquisition, "Fox said in a statement. "We are proud of the role our company has played in building Sky and the exceptional value we have offered to 21CF and Sky shareholders and our European customers."

Saturday, at the auction of 61% stake in Sky, Comcast won $ 39 million. The auction, which was led by the POA panel, was the first of its kind in a decade.

Fox was pursuing the Sky Stake that he did not have since December 2016.

Two months ago, Comcast officially withdrew from the fight against Disney for 21st Century Fox, refusing to counter the $ 71.3 billion Disney bid for Fox. Instead, Brian Roberts, CEO of Comcast, decided to focus his efforts on securing Sky.

The European media giant had been an essential part of Disney's and Comcast's interest in Fox. Sky creates content that it can distribute to its 23 million satellite customers and broadcast in five countries. The control of this company would expand the global presence of Disney and Comcast and strengthen their international competition efforts with companies such as Netflix.

Fox's candidacy in 2016 gave rise to a rigorous review by the UK government over fears that the agreement would give 21st Century Fox executive chairman Rupert Murdoch too much control over the British media.

Earlier this year, Fox agreed to sell all Sky's operations to Disney (or Comcast, if that company eventually won), which ultimately allowed the UK to approve the deal.

As the regulatory process continued, Comcast entered the competition in February with a Sky offer. Comcast, which has not had a European media ownership dispute, has already received approval from the UK government.

Comcast sees Sky as a way to reach some of the size and global reach pursued via Fox.