Fox Is Selling Sky Stake To Comcast For $15 Billion

Comcast may have lost the bidding war to acquire most of 21st Century Fox to Disney, but that’s not to say they’re completely out of the game when it comes to 21st Century Fox companies. In a weekend auction, Comcast was able to lock down Fox’s 39 percent stake in the European broadcast network Sky.

It was sold for roughly $15 billion pounds, and ultimately gave full control of the company to Comcast.

Fox had the following to say in a statement:

“In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF’s existing 39 percent holding in Sky to Comcast. We congratulate Comcast on their pending acquisition. We are proud of the role our company has played in building Sky, and of the outstanding value we have delivered for shareholders of 21CF and Sky, and customers across Europe.”

RELATED – What Disney’s Purchase Of Fox Means For Their Franchises And Upcoming Film Slate

It looks like this is great news for Disney as well, who will apparently see a reduced cost to acquire the rest of Fox as a result of this pending purchase. It’s not clear how much it’ll reduce it by, but Disney CEO Bob Iger seemed pleased, saying:

“Along with the net proceeds from the divestiture … the sale of Fox’s Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers.”

So what’s next for the ever-changing media landscape? Can Disney bargain to nab Comcast’s 30 percent stake in Hulu, pretty much giving it full control of the streaming service? I wouldn’t rule it out, but you never know. There are so many moving parts to these companies that it’s hard to say.

What do you think of Comcast’s purchase? Is this a good thing? Let us know down below!

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SOURCE: THR

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Joseph Jammer Medina

Joseph Jammer Medina is an author, podcaster, and contributor at LRM Online. A graduate of Chapman University's Dodge College of Film and Television, Jammer's always had a craving for stories. From movies, television, and web content to books, anime, and manga, he's always been something of a story junkie.

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