SKY EVENT?
Fox, Sky, Comcast, Disney: the endgame approaches
Culture Secretary Matt Hancock announced on Tuesday June 5th that he would not intervene in the bid by US cable giant Comcast to buy Sky – and also that he had approved a proposal from 21st Century Fox to sell Sky News to Disney if it was allowed to buy the rest of Sky.
Hancock confirmed what media analysts had already worked out: that he had no good reason to block Comcast’s attempt to buy Sky, and that one of the many remedies Fox and Sky had proposed as a way round objections to their merger from the Competition and Markets Authority had found favour with the CMA.
Sky shareholders look as if they will have a bonanza summer, on the assumption that Fox will have to bid at least 10% above the Comcast offer to get back into the game – perhaps more, if it wants to deter Comcast from coming back with another, higher, bid. As for Sky News, its medium-term future looks assured. But long term? That’s another story.
sauce:
https://www.opendemocracy.net/uk/david-elstein/let-battle-commence-matt-hancock-approves-both-bidders-for-sky