Comcast to bid $31 Billion for Sky Network

Comcast to bid $31 Billion for Sky Network

London (Online) : Comcast projected to buy the European  Sky for $31 billion in cash early on Tuesday, seeking to chip away a long-standing bid by 21st Century Fox to consolidate ownership of the U.K. broadcaster, and moving to peel away one of the nearly all attractive overseas assets that Walt Disney Co. has separately settled to buy from Fox.

The world’s major entertainment company, which owns NBC and Universal Pictures, said it proposed to offer 12.50 pounds per share, significantly higher than the 10.75 pounds Fox had decided to shell out for the British company.

Over an offer previously made by 21st Century Fox. The offer pursued by Fox chieftain Rupert Murdoch has been blocked by British regulators, concerned about the mogul’s authority over Sky News. The Fox bid is about $16 billion.

Fox already owns 39 percent of Sky. Murdoch has long in demand full ownership of Sky, and particularly of Sky News that is a 24-hour news channel.

But Comcast jumps into the ring with an aggressive bid, seeking a toehold in Europe.

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