• About Us
  • Write For Us
  • Advertising
  • Support
  • Contact Us
March 20, 2023 11:20 am CDT
LISTEN LIVE:
No Result
View All Result
Heartland Newsfeed
ADVERTISEMENT
  • Illinois
    • Local
      • Capital Area
      • East Central Illinois
      • West Central Illinois
    • Regional
      • Chicagoland
      • Metro-East
      • Northern Illinois
      • Quad Cities
      • Southern Illinois
    • Obits
    • Executive Watch
    • Legislative Watch
    • Road Conditions
      • Illinois
    • Weather Closings
      • Central Illinois
  • Missouri
    • Regional
      • Northeastern Missouri
      • East Central Missouri
      • St. Louis Metro
      • Southeast Missouri
    • Executive Watch
    • Legislative Watch
    • Weather Closings
      • Greater STL Metro (IL/MO)
    • Road Conditions
      • Missouri
  • Weather
  • National
  • World
  • Sports
    • Basketball
      • NBA
    • Bowling
    • Boxing
    • Football
      • Arena Football
      • CFL
      • NFL
      • XFL
      • USFL
    • Golf
      • PGA
    • Hockey
      • NAHL
      • NHL
    • MLB
      • MiLB
    • MMA
      • UFC
    • NCAA
      • Basketball
      • Football
    • Olympics
    • Preps
    • Racing
      • Horse Racing
      • NASCAR
    • Soccer/Futbol
      • Bundesliga
      • Champions League
      • FIFA
      • La Liga
      • MLS
      • NWSL
      • Premier League
      • U.S. National Soccer
      • USL
      • USL Championship
    • Tennis
    • Wrestling
      • AEW
      • Independents
      • MLW
      • NJPW
      • NWA
      • ROH
      • WWE
  • Entertainment
    • Crossword
    • News Quiz
  • Opinion
    • Letters To The Editor
    • Editorial
    • Columnists
  • Radio
    • Affiliates
    • Live Video
      • HLNF Live
      • RTMP Direct
    • Network Schedule
    • Network Streams
    • Podcasts
      • Radio Network
      • Podcast Network
  • Features
    • Classifieds
      • Current Ads
      • Job Board
        • Job Listings
        • J2CTalroo
        • Post a Job
        • Receive Alerts
        • ZipSearch
    • Community Calendar
    • News Feeds
      • Statehouse
      • Legislative
      • Breaking News
  • Store
  • Deals
  • Calendar

No products in the cart.

Heartland Newsfeed
No Result
View All Result

Comcast wins Sky auction with $40 billion bid, stock tanks early

Jake Leonard by Jake Leonard
September 24, 2018
in Business & Lifestyle, Business News, Entertainment, Entertainment News, Financial News, National, Newspaper News, TV & Radio News, World
Reading Time: 3 mins read
Donate
0

PHILADELPHIA/LONDON (Heartland Newsfeed) — Comcast shares fell 6 percent, despite falling as low as 8 percent, Monday following the announcement that they had won the bidding war for British media giant Sky, redrawing the global media landscape.

Comcast was in a bidding battle with 21st Century Fox and Disney, ending with a $40.13 billion final bid, amounting to $22.66 per share compared to the Fox/Disney bid at $20.55 per share when the three companies were inquired of their best offer

Comcast’s offer values Sky $5.25 billion more than the combined bid and came highly recommended to shareholders via Sky’s independent committee tasked to evaluate the takeover bids. The takeover marks the end of tenure for Rupert Murdoch, who founded the company in 1989, ushering the rise of pay television in the United Kingdom.

The Comcast offer values Sky at almost £4bn more than the Disney-Fox bid and was recommended to shareholders by Sky’s independent committee, which was set up to evaluate the takeover bids. It brings an end to Rupert Murdoch’s long association with Sky, which he founded in 1989 – and which ushered in the pay-TV era in the UK.

The owner of NBCUniversal and Disney has sparred this year in a fight for Murdoch’s Fox empire, but Disney was victorious in taking over Fox’s entertainment businesses which included their movie studio in Hollywood, their cable channels, the Star of India and and Fox’s 39 percent stake in Sky, which has a value of $93.5 billion excluding debt. Disney may be recoup nearly $20 billion if they sell their share in Sky back to Comcast

Sky has 23 million subscribers with operations in the United Kingdom, Germany, Italy, Austria and Ireland and presents a powerful launchpad for additional digital services in such a time shaped by streaming juggernauts Netflix and Amazon.

“This is a great day for Comcast,” Brian Roberts, Comcast’s chief executive, said in a statement. “Sky is a wonderful company with a great platform, tremendous brand, and accomplished management team. This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.”

As explained by Craig Moffett, an analyst from Moffett Nathanson, the share price of a company who takes over another often declines and he was bearish on the bid and downgraded the stock to neutral from buy and lowered its target price from $41 to $36.

Disney refused comment on the auction.

Murdoch’s Fox group bought Sky in December 2016 with a $24.13 billion bid. However, with the tabloid newspaper phone-hacking scandal and unbecoming journalist behavior at newspapers owned by Murdoch still fresh in memory, the British parliament was placed into enough pressure to ensure Sky’s sale didn’t hand over more control and influence of the nation’s media market to Murdoch, with a lengthy regulatory review following.

Following this process from media watchdog Ofcom and the Competition and Markets Authority, Murdoch stunned rivals last fall announcing plans to break up his media empire, selling the majority of his entertainment assets to Disney, the top bidder in the auction.

The sale deal include Fox’s stake in Sky, which put Disney in the driving seat to potentially acquire the remainder of the company. However, Comcast crashed the party, making a rival bid for Fox’s assets, later dropping the bid after Disney increased their offer. Comcast would later make a separate bid for Sky.

Comcast’s takeover bid presented a hundred-fold increase in the stock shares prior to that initial Fox offer.

Sky’s management team, led by chief executive Jeremy Darroch, is expected to stay with the company, which will give its new owner significant cash flow and a big European footprint.

“This is the beginning of the next exciting chapter for Sky,” said Darroch. “As part of a broader Comcast we believe we will be able to continue to grow and strengthen our position as Europe’s leading direct to consumer media company.”

The stock closed Monday at $35.63, later recovering in aftermarket trading by nearly 1 percent to $35.98.

Jake Leonard
Website | + posts

Jake Leonard, a broadcast media and journalism veteran, is the editor-in-chief of Heartland Newsfeed. Leonard is also GM and program director of Heartland Newsfeed Radio Network, wrestling editor and contributing writer for Ambush Sports, a contributing writer for My Sports Vote and Midwest Sports Network, and a former contributor to Bleacher Report and Overtime Heroics. He resides at home in Nokomis, Ill. with his dog Buster.

  • Jake Leonard
    https://www.heartlandnewsfeed.com/author/admin/
    ROH TV IS BACK: Spoilers for February 25, 2023 tapings
  • Jake Leonard
    https://www.heartlandnewsfeed.com/author/admin/
    McLean Libertarian Party denounces Normal council's opposition to cannabis dispensary
  • Jake Leonard
    https://www.heartlandnewsfeed.com/author/admin/
    Ryan Willis released by Battlehawks
  • Jake Leonard
    https://www.heartlandnewsfeed.com/author/admin/
    Ameren Illinois seeks new rate hikes

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • Reddit
  • Tumblr
  • Telegram
  • Print
  • Email

Like this:

Like Loading...
Tags: 'Sky21st Century Foxbusiness newsComcastDisneyfinancial news
Share197Tweet123Share5Send

Discussion about this post

📻 ON AIR NOW

.
ADVERTISEMENT
  • Five things you should know before purchasing auto insurance

    602 shares
    Share 241 Tweet 151
  • Nokomis council passes dumpster ordinance

    540 shares
    Share 216 Tweet 135
  • Illinois to see two gas hikes in 2023

    535 shares
    Share 214 Tweet 134
  • Viola Armstrong, 92, Pana

    528 shares
    Share 211 Tweet 132
  • Leto Voudrie, 83, Moweaqua

    526 shares
    Share 210 Tweet 132

HOURS AND INFO

800 Capps Ave.
Nokomis, IL 62075-1415
admin@heartlandnewsfeed.com
Online all the time 
Office Hours: 8 AM to 8 PM
Newsroom: (217) 569-4230
Listen Line:
(217) 569-4230 ext. 1
Advertising:
(217) 718-5281
After-Hours:
(217) 565-9709 / (217) 565-9273

Sitemap | Published Press | Privacy Policy
Staff Email | Independent Media

LIVE WEBSITE VIEWERS

.
ADVERTISEMENT

DEADLINES

Daily: 11 p.m. Central
Weekend: 11 p.m. Central
Sports: 11 p.m. Central

Upcoming deadlines
NYE/NYD: December 30, 5 p.m. Central

WEBRINGS

Hotline Webring: Previous — Next

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

No Result
View All Result
  • Home
  • News
    • Politics
    • Business
    • World
    • Science
  • Entertainment
    • Gaming
    • Music
    • Movie
    • Sports
  • Tech
    • Apps
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Food
    • Fashion
    • Health
    • Travel

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

00:00
00:00
WP Radio
WP Radio
OFFLINE LIVE
%d bloggers like this: