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Image credit: DANIEL LEAL-OLIVAS via Getty Images

Disney agrees to sell Fox's Sky stake to Comcast

The price tag is around $15 billion.
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DANIEL LEAL-OLIVAS via Getty Images

Last week, Comcast successfully bid $39 billion to acquire the UK TV giant Sky. Now, the Walt Disney Company has agreed to allow 21st Century Fox to sell its remaining 39 percent stake in Sky to Comcast for roughly $15 billion.

The bidding war for Sky was intense, especially between Comcast and Fox. Fox had been trying to acquire the remainder of the UK broadcaster, while Comcast was reportedly angling to snap up Fox from under Disney's nose. However, Comcast abandoned its bid for Fox, focusing instead on Sky. It looks like that strategy worked.

"Along with the net proceeds from the divestiture of the RSNs, the sale of Fox's Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers," said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company, in a statement.

Via: CNBC
Source: Business Wire
In this article: business, comcast, disney, entertainment, sky
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