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