Did Comcast Just Overpay for Sky? [The Motley Fool]
SKY PLC AMERICAN DEPOSITARY REALTY (SKYAY)
NASDAQ:AMEX Investor Relations:
skygroup.sky/corporate/investors/shareholder-centre
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Source: The Motley Fool
While the cable giant adds one to the win column, is it shareholders who will ultimately lose? One of the last remaining clashes involving Twenty-First Century Fox ( NASDAQ:FOXA ) ( NASDAQ:FOX ) and Comcast ( NASDAQ:CMCSA ) was decided this weekend. Regulators in the United Kingdom presided over a rare auction to decide the fate of European cable operator Sky PLC ( NASDAQOTH:SKYAY ) . Comcast submitted a winning bid of 17.28 British pounds per share, or about $22.74 at current exchange rates, to acquire the available 61% of European cable operator Sky PLC ( NASDAQOTH:SKYAY ) . This topped the 15.67 pounds per share, or roughly $20.62, offered by Fox and its soon-to-be corporate owner , Disney ( NYSE:DIS ) . Fox already owns the other 39% and was hoping to gain control of the remainder. The winning bid was valued at about $38.8 billion, leading some to speculate that Comcast paid far too much for the company. Image source: Get
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