MUMBAI: The big-name mergers are getting bigger in value with Comcast dropping a bomb that it is ready to pay $31 billion to takeover Sky. Its offer was 16 per cent higher than that of rival 21st Century Fox that had wanted to acquire 61 per cent in Sky.
“We think Sky is an outstanding company. It has 23 million customers and leading positions in the UK, Italy and Germany. Sky has been a consistent innovator in its use of technology to deliver a fantastic viewing experience and has a proud record of investment in news and programming. It has great people and a very strong and capable management team,” said Comcast Corporation chairman and CEO Brian L Roberts.
The acquisition will help Comcast for better distribution and technology leadership and expand its international reach to new territories.It believes that together they can create compelling opportunities for growth and innovation.
Sky’s company secretary Chris Taylor noted that the company had got an offer from Comcast. It called it a ‘possible offer’ and because there was nothing firm, it will make an announcement later.
Comcast said it will pay all cash for the deal to get a firm hold on the huge UK pay TV market. Fox said that it stays committed to the offer it previously made.
Last year Comcast bet $60 billion to buy Fox, ultimately losing to Disney.
Sky reaches 23 million homes in Britain, Ireland, Germany, Italy and Austria.
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