Comcast completes Sky buy

Comcast (NASDAQ:CMCSA) has completed its acquisition of Sky shares held by 21st Century Fox, and its offer for Sky has become ...

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Comcast (NASDAQ:CMCSA) has completed its acquisition of Sky Shares held by 21st Century Fox, and its offer for Sky has become unconditional. Comcast is now the majority owner of Sky, holding more than 75% percent of Sky's issued ordinary share capital.

Brian L. Roberts, chairman and CEO of Comcast, said: "We are pleased today to be the majority owner of Sky. Led by Jeremy Darroch and his superb team - now together with Comcast - our combined global leadership in technology and content paves the way for us to accelerate investment and growth in Sky's brand and premier platforms. We are also fully committed to ensuring Sky News' future, maintaining its editorial independence, and preserving its strong track record for trusted, high quality, impartial news."

Jeremy Darroch, group CEO of Sky, said: "Comcast have committed to investment in Sky, including our Osterley and European headquarters, and we very much look forward to working with Brian and the Comcast team to achieve further growth and development of Sky's business. Separately, Sky News will benefit greatly from Comcast's funding commitments over the coming years and the arrangements that will be put in place to preserve and enhance its editorial independence."

Comcast made its first offer for Sky in February at £12.50 per share and increased it in July to £14.75 per share. The final offer price was £17.28 per Sky share, an implied valuation of $40 billion for the fully diluted share capital of Sky.

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