Comcast May Have Given Up On Fox

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The battle takes place in the context of a broader struggle between Comcast and its rival Disney, which are both attempting to buy the bulk of Fox's assets, including its Sky stake.

The Comcast NBC logo is shown on a building in Los Angeles, California, U.S. June 13, 2018.

The fight for ownership of Sky is playing out against the backdrop of Disney and Comcast's battle for a raft of Fox assets, including Fox's current 39% stake in Sky.

Martin Gilbert, deputy chairman of Sky, said that Comcast's offer represent an "attractive premium to the current alternative offer". Both Fox and Disney have scheduled special shareholder meetings for July 27 in NY to approve the cash-and-stock deal to sell $71 billion in Fox assets to Disney.

Chaplin fears that Comcast could overpay for Sky and possibly Fox, leading to tough ramifications for the company's stock price.

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The improved bid means Sky investors now have 60 days to weigh up the offers.

Rupert Murdoch's 21st Century Fox has bid £14 a share for the British pay-TV broadcaster Sky. Of the assets he's seeking to acquire from Fox, Disney chief executive officer Bob Iger called Sky "a real crown jewel".

Sky has been thrust into the centre of a global tussle between media giants Disney and Comcast as they lead a fightback against the might of Amazon and Netflix. Britain's former Culture Secretary Matt Hancock, who was replaced on Monday night with Jeremy Wright in a cabinet shakeup, had said he was willing to let the takeover go ahead, provided Fox sold Sky's 24-hour news channel to Disney. Analysts said it was not a knock-out, and Fox did not say it was its final offer.

The British government is expected to finally allow Fox, which is run by Rupert's son James, to buy Sky this week, after the USA group agreed to sell Sky's award-winning news channel to Disney to prevent Murdoch from owning too much of the British media.

Fox said it had secured the agreement of the independent committee of Sky for the deal.