U.S. telecommunications company Comcast beat mass media company Twenty-First Century Fox in the battle for London-based peer Sky Plc after offering 30.6 billion pounds ($40 billion) in an auction.
Comcast bid $22.58 a share for control of Sky, bettering $20.48-a-share offer by Fox. This acquisition will allow Comcast to quickly, efficiently and meaningfully increase the company’s customer base and expand internationally.
Buying Sky will make Comcast, which owns the Nationa Broadcasting Company and Universal Pictures, one of the world’s largest pay-television operator.
Comcast’s final offer was a jump on its bid going into the auction of $19.28 and compares with Sky’s closing price of $20.72 on Friday.