Disney is totally and 100% over ‘Sky’
Comcast gets it all… all of Sky, at least. As we speculated the other day, 21st Century Fox will be selling its 39% stake in Sky to Comcast. This news comes a day after Comcast won a bidding war against 21st Century Fox for 61% of Sky. And Fox has decided to give up and “…congratulate Comcast on their pending acquisition.” Isn’t that nice?
To get Sky… Comcast has to pay 25% more than their previous offer – so maybe they are the real losers. Fox also faced hurdles relating to UK regulations and whether the company would be a “fit and proper” owner of the company. The battle became even more significant when Disney outbid Comcast for Fox’s assets, which included the 39% stake in Sky.
Now Disney can pay for other things… like their purchase of Fox. Not only did the company save money by losing the bid, they just gained around $15 billion selling their existing stake. And besides, Disney has other fish to fry – including plans to invest in streaming services like Hulu, where the company will soon have a 60% stake. Also, if you thought Disney would be distancing themselves from Comcast – they won’t – because Comcast currently owns 30% of Hulu. Ah, good times…