-WSJ
The upheaval of the media and telecom power players has taken another dramatic twist: Comcast has submitted a tentative £22.1 billion ($30.9 billion) offer for all of Sky, topping 21st Century Fox’s offer to consolidate its ownership of Europe’s biggest pay-TV operator, The Wall Street Journal reports. Acquiring Sky would immediately bolster Comcast’s international presence and distribution, and deny Disney one of the most attractive assets it agreed to acquire as part of a $52.4 billion deal with Fox. There were signs Comcast was unhappy with losing out to Fox on that blockbuster Disney deal: the Journal reported recently that Comcast could revive its pursuit for Fox or go after a particular asset — with Sky as one likely candidate. Comcast CEO Brian Roberts said the addition of Sky would increase the company’s international revenue from 9% to 25% of the total. Now, eyes will be on Fox and Disney and whether a counter-bid is in the offing. Fox has had a tough time getting its bid to acquire the 61% of Sky it doesn’t already own approved by U.K. regulators, which have raised concerns over media plurality. Comcast would probably face fewer regulatory hurdles. (Reminder: 21st Century Fox and WSJ parent News Corp share common ownership.)
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