Comcast and Fox to settle bids for Sky with blind auction

- Leadership - Sep 19, 2018

The bidding war for the pan-European broadcaster, Sky plc, will finally come to an end after almost two years.

The US-based media and telecommunications companies, Twenty-First Century Fox and Comcast, will enter a sealed bid auction for Sky.

The blind auction will decide the owner of the British firm, unless a best-and-final offer is submitted by the end of the week.

Comcast has so far offered the highest bid at £14.75 (US$19.41) per share, whilst Fox has offered £14 ($18.45).

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On 17 September, Fox – which already owns 39% of the company – pushed back its deadline for Sky to accept its bid to 6 October, the same date as Comcast’s deadline.

“Sky shareholders who have not yet accepted [our] offer are urged to do so as soon as possible,” Fox stated.

“For now, Comcast seems to be in pole position, but it's not a slam dunk,” remarked an independent telecom and media analyst, Paolo Pescatore, to CNBC, whose parent company is owned by Comcast.

“There's so much to play for and expect both companies to open up the war chest.”

“This represents a great opportunity to own a prized asset which will prove to be a worthy long-term investment.”

“It is so close to call that a sealed bid will be the only way to decide the outcome.”

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