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Comcast has announced that they have extended the deadline for shareholders of Sky to accept their offer for the outstanding shares of the European TV provider and creator.

Sky News

What’s happening

  • Originally shareholders had until August 22nd, 2018 to approve the offer
  • Comcast then extended their deadline until September 12th, 2018.
  • Now shareholders have until 1 p.m. London Time on October 6th, 2018 to approve the deal
  • Currently, 5,201,405 Sky shares have approved the proposal
  • This represents .29% of outstanding Sky shares

Comcast’s Offer:

  • Comcast is offering 14.75 pounds per share
  • They are seeking the 61% of Sky not owned by 21st Century Fox

Fox’s Offer:

  • 21st Century Fox is offering 14 pounds per share
  • They have until September 22nd to raise their offer
  • Any increased offer would need to be approved by Disney
  • If Sky is successful, they will sell Sky News to Disney, regardless of the sale of the rest of the assets Disney is purchasing from Fox.

What This Means for Disney:

  • If the deal for Disney to purchase 21st Century Fox goes through, it will own 31% of Sky
  • If Comcast wins the other portion of Sky, Disney will remain a minority owner of Sky
  • It is unknown if Disney will approve an increased offer for Sky
  • Previously, Disney CEO Bob Iger called Sky a ‘crown jewel” of 21st Century Fox

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