MUMBAI: US cable giant Comcast made a winning bid against 21st Century Fox and the Walt Disney Co for European pay-TV operator Sky by offering nearly $40 billion. The rare three round auction was managed by UK's Takeover Panel.  

The Philadelphia based company offered about $40 billion at $22.57 per share for Sky in the knockout bid. Rupert Murdoch-owned Fox offered about $35 billion at $20.46 per share.

“This is a great day for Comcast,” Comcast chairman and CEO Brian L Roberts declared. He hailed Sky as “a wonderful company with a great platform, tremendous brand, and accomplished management team”.

While 21st Century Fox already owns 39 per cent of the company, both the competitors were contesting for 61 per cent control of Sky. The European pay-TV company has time until 11 October to accept the offer.  Fox has an ardent quest to take over the rest of the Sky it does not already own.

For any company who wants to expand international business in European countries, Sky would be a lucrative option with its 23 million customer base across five European countries. Hence the over expensive bid from Comcast did not come as a surprise, as it could almost double its user base on the back of the offer. “This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base,” Roberts said in a statement.

Though the long running bid process has come to an end following the knock out bid, Fox could refuse tender the 39 percent of Sky that it currently owns. It will leave Comcast to share the company with Fox.