Comcast buys 29.1 per cent of Sky stock in market purchases

Published: September 25, 2018 13:20:59 | Updated: September 27, 2018 12:30:54

The NBC and Comcast logos are displayed on 30 Rockefeller Plaza in midtown Manhattan in New York, US, February 27, 2018. Reuters/File Photo

Comcast (CMCSA.O), the victor in the auction for Sky (SKYB.L) on Saturday, said on Tuesday it had bought 29.1 per cent of the European pay-TV group’s shares in the market.

Comcast bid 17.28 pounds ($22.66) a share for Sky, beating a 15.67 pound offer from Rupert Murdoch’s Twenty-First Century Fox (FOXA.O). Fox holds a 39 per cent stake in Sky, which it is selling to Walt Disney (DIS.N) as part of a separate deal.

Comcast said it was seeking to make further market purchases of Sky shares at a price of 17.28 per share.

It needs 50 per cent of the stock plus one share to complete its takeover.

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