Fox ‘Remains Committed’ to Sky Acquisition Despite Rival Comcast Bid

NBCUniversal parent offered $31 billion for UK satellite-TV company on Tuesday

21st Century Fox earnings
21st Century Fox's logo on the iconography of a dollar bill

Fox still wants you, Sky — regardless of how hard Comcast is now trying to court the UK satellite-TV company.

This morning, the NBCUniversal parent offered $31 billion for Sky. That’s a 16 percent premium above 21st Century Fox’s standing bid.

Here is Fox’s full response to Comcast’s competing all-cash offer:

21st Century Fox (“21CF”) notes the possible offer announcement made by Comcast Corporation (“Comcast”) for Sky plc (“Sky”).

21CF remains committed to its recommended cash offer for Sky announced on 15th December 2016.

We note that no firm offer has been made by Comcast at this point. A further statement will be made if appropriate.

“We think Sky is an outstanding company,” said Brian L. Roberts, chairman and CEO of Comcast Corporation, in a release issued in the early hours of Tuesday. “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.”

Fox and Comcast have had an interesting past few months with each other. Last year, Comcast was in preliminary talks to acquire Fox, a potential $60 billion deal that went away when Disney beat them to the punch. In theory, Comcast could still swoop in and trump the Mouse House’s lower (but still rich) bid.

For now, the two can duel overseas for the rights to buy Sky, which would immediately bolster its new owner’s international business.