This is more than Fox's offer to buy out the 61 percent it doesn't now own, valuing the company at around $23.2 billion (£18.5 billion).
However, while some expected Disney's proposed Fox takeover to ease the British regulators' concerns over the Fox-Sky purchase putting too much power in the Murdoch clan's hands, the CMA in January provisionally rejected the Fox-Sky merger. Not so pleased is Rupert Murdoch (below), whose Fox already owns 39 per cent of Sky and is trying to buy the rest for the third time.
"Sky and Comcast are a flawless fit: we are both leaders in creating and distributing content", Comcast Chief Executive Officer Brian L. Roberts, 58, said. "Adding Sky to the Comcast family of businesses will increase our worldwide revenues from 9% to 25% of Company revenues". "There is no way we can see that Fox will walk away given how advanced the regulatory clearance process is".
Murdoch's Fox had been slowly edging toward a deal for Sky in recent weeks, eight years after he first made an offer for the whole company. "Yes, Sky is more than just a direct-to-home satellite TV distributor, but. well, let's face it, Sky is a direct-to-home satellite TV distributor". The companies that own TV and internet pipes also want to own the content that flows through them.
Comcast said it had not yet engaged with Sky over the proposal.
The cable company on Tuesday announced the offer, which is a 16 percent increase from Fox's bid to obtain majority control of Sky.
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Fox will be furious after Comcast's bid, said Crispin Odey, Murdoch's former son-in-law and founder of hedge fund manager Odey Asset Management, which owns a 0.8% stake in Sky according to data compiled by Bloomberg.
"When a set of assets like 21st Century Fox's becomes available, it's our responsibility to evaluate if there's a strategic fit that could benefit our company and our shareholders", Comcast said at the time. Which presumably means that Sky News will survive under Comcast.
Representatives of Fox and Disney couldn't immediately be reached for comment early Tuesday. He said Sky's chief executive Jeremy Darroch had shown him an early preview of the Sky Q TV platform box, and that several people had worked as executives for both Comcast and Sky. The independent directors of Sky are mindful of their fiduciary duties and their obligations under the U.K. Takeover Code.
Sky's United Kingdom headquarters, employing 1,300 staff, would be maintained.
MoffettNathan analyst Craig Moffett called the bid a mix of good and bad news for share holders.
It comes after the United Kingdom competition watchdog found Fox's deal to buy Sky was "not in the public interest".
The UK government may also be looking for a way to defuse the political risks from the Fox bid, they added.