Watch Newsy On TV

Comcast Outbids Fox In Battle For European Broadcaster Sky

SMS
Comcast Outbids Fox In Battle For European Broadcaster Sky
Reuters reports 21st Century Fox may review its stake in Sky after losing out to Comcast.
SHOW TRANSCRIPT

Comcast has beaten 21st Century Fox in the bidding war for coveted European broadcaster Sky. 

The U.K.'s Takeover Panel made Comcast's $39 billion bid public on Saturday. Sky's independent committee unanimously recommended Comcast's offer.

The offer amounted to about $23 a share, while Fox's was about $20 a share. 

A source told Reuters that Fox is expected to concede in the ongoing fight to control 61 percent of Sky. It already owns 39 percent of the company.

Sky is a leader in pay TV in the U.K., so it could potentially offer Comcast a way to expand viewership in Europe. Its acquisition is also seen as a way to become more competitive against streaming services like Netflix.

Additional reporting by Newsy affiliate CNN