Comcast Is Now the Majority Owner of Sky

Comcast's $40 billion Sky takeover becomes unconditional

The US cablenet announced Tuesday it has now completed the acquisition of the United Kingdom broadcaster, its statement emphasising a commitment to Sky News, which had been a key factor in earlier discussions of media plurality led by United Kingdom regulators.

USA giant Comcast last month won a bidding war for Sky when it offered £17.28 per share, beating a £15.67 valuation from 21st Century Fox in a rare auction process conducted by the UK's Takeover Panel.

It follows a long-running battle to take control of Sky, with Comcast coming out on top against Rupert Murdoch's 21st Century Fox.

"We are pleased today to be the majority owner of Sky", Comcast chief executive Brian L. Roberts said in a joint statement to the London Stock Exchange. Roberts assured that Comcast will respect Sky New's editorial independence and preserve the organization's trusted name in delivering high quality and impartial news. With this, the offer for Sky has become unconditional, Comcast said in its announcement.

"Comcast have committed to investment in Sky, including our Osterley and European headquarters and we very much look forward to working with Brian and the Comcast team to achieve further growth and development of Sky's business", he said in a statement on Tuesday.

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Analysts with the New Street research firm said Comcast would have done it better if they walked away from the bidding when it reached $40 billion. Zach Fuller, an analyst with MIDiA, told CNBC.

"This would have been an absolute PR disaster for Comcast had the deal not gone in their favour", he added.

This resulted in Comcast proposing a winning bid of £17.28 per Sky share, implying a value of £30.6bn.

For the meantime, Comcast's major advantage in the deal is having rights over live sports content and other news content as it now has revenue channeled from NBC News, CNBC, MSNBC, and Euronews.

Comcast bought Sky also to win a foothold in Europe and end its sole dependence on the United States at a time when Americans are switching to online streaming.

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