The independent directors of UK pay-television operator Sky have recommended its shareholders accept Comcast’s £30.5bn ($40bn/€34bn) takeover offer.
US telco Comcast beat media group Fox in Saturday’s three-round blind auction, with the former acquiring 61 per cent of Sky. Comcast won with a bid of £17.28 per share. Fox’s final bid was £15.67.
Fox already owned 39 per cent of Sky – a stake set to be sold to media group Disney as part of its $71bn takeover of Fox assets struck last year.
Fox and Disney’s failure to acquire the remaining 61 per cent means the two media groups must now decide whether to include the remaining 39 per cent as part of their deal, sell the stake to Comcast for about £11.9bn, or put the stake up for tender.