Money Murdoch given just days to make counter-bid for Sky after its offer was eclipsed by Comcast

05:31  07 august  2018
05:31  07 august  2018 Source:   dailymail.co.uk

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Comcast said on Tuesday that it was making a billion bid for the British satellite broadcaster Sky .CreditJeenah Moon/Sputnik, via Associated Press. In a statement, 21st Century Fox said that it “remains committed to its recommended cash offer for Sky ,” which it made in 2016.

Comcast ’s appearance in the already complex Sky drama could prompt Fox to make a higher offer or Disney to make its own direct bid for Sky . Fox remains committed to its cash offer announced in December, it said in a statement.

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox © Drew Angerer/Getty Images Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox Rupert Murdoch’s 21st Century Fox has just two days to make a counter-bid for Sky after its offer was eclipsed by a rival suitor.

The US company bid £24.5 billion ($AUD42.9b) for the British broadcaster last month but within hours its advances had been trumped by Comcast, the owner of Universal Studios.

Comcast’s £26 billion (AUD$45.5b) offer has been backed by Sky’s board.

a close up of a telephone: Wanted: Fox bid £24.5bn for Sky last month but within hours its advances had been trumped by Comcast, the owner of Universal Studios © Provided by Associated Newspapers Limited Wanted: Fox bid £24.5bn for Sky last month but within hours its advances had been trumped by Comcast, the owner of Universal Studios

Meanwhile, takeover rules mean Fox has until Thursday night to hit back.

It comes after Comcast backed away from a multi-billion dollar struggle with Disney over Fox’s entertainment businesses, saying it wanted to focus instead on the battle against Disney and Fox for Sky.

The stakes are high for both suitors. Both Disney – which looks set to buy 21st Century Fox – and Comcast want to expand overseas and take on web rivals Netflix and Amazon Prime.

Disney has still not decided whether to continue to pursue the British firm, reports say.

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