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6 years ago

Comcast buys 29.1 per cent of Sky stock in market purchases

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

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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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