Fox Dumps Its Stake in Sky for $15 Billion [The Motley Fool]
SKY PLC AMERICAN DEPOSITARY REALTY (SKYAY)
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skygroup.sky/corporate/investors/shareholder-centre
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Source: The Motley Fool
This move closes a long and complicated story in the battle for the European pay-TV provider. The battle for European cable operator Sky PLC ( NASDAQOTH:SKYAY ) was largely decided this past weekend when U.S. cable operator Comcast ( NASDAQ:CMCSA ) prevailed against Twenty-First Century Fox ( NASDAQ:FOXA ) ( NASDAQ:FOX ) in a rare auction held by U.K. regulators. With a winning offer of 17.28 British pounds per share, or about $22.78 at current exchange rates, Comcast succeeded in its bid to acquire a 61% stake in Sky for about $38.8 billion. This came on the heels of Disney ( NYSE:DIS ) winning out over Comcast in its efforts to acquire Fox in a bidding war that drove to $71 billion. The one question that remained unanswered was what Fox and Disney would do with the 39% stake in Sky that Fox already owned. Image source: Getty Images. Sold! Fox announced on Wednesday that it intended to sell its Sky shares to Comcast at a pri
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