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Sky, Disney & Comcast

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06 Aug 2018 13:00

https://www.bloomberg.com/news/articles/2018-08-03/comcast-doesn-t-have-to-raise-its-sky-bid-at-least-for-now
Comcast Corp. doesn’t have to raise its offer for Sky Plc, at least not yet.

A ruling from U.K. takeover authorities on Friday kept a floor price of 14 pounds per share for Sky, below the U.S. cable giant’s overall 26 billion pound ($34 billion) bid.

That means Comcast, whose offer for the U.K. pay-TV company is currently the highest, doesn’t have to increase the price to win the battle for Sky unless it’s outbid by 21st Century Fox Inc. and Walt Disney Co.
...
Fox, whose latest offer for Sky is at 14 pounds per share, has a deadline of Aug. 9 to submit its bid to Sky shareholders. Unless it tops Comcast by then, investors probably won’t accept it.
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
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07 Aug 2018 21:26

https://www.bloomberg.com/news/articles/2018-08-07/fox-makes-its-formal-offer-for-sky-but-doesn-t-top-comcast
21st Century Fox Inc., locked in a global M&A showdown with two other media giants, followed through on its bid to buy U.K. broadcaster Sky Plc, though it didn’t move to top a rival offer from Comcast Corp.

The company formalized a previously announced bid of 14 pounds a share for the 61 percent of Sky that it doesn’t already own, according to a regulatory filing on Tuesday. It still has an opportunity to raise its bid above Comcast’s 14.75 pound-a-share price.

Fox shareholders approved a $71 billion takeover deal with Walt Disney Co. last month, setting the stage for a huge swath of media assets to change hands, including 20th Century Fox, a stake in Hulu and cable networks such as FX. Disney also would get Fox’s current 39 percent stake in Sky -- and a shot at acquiring the rest of that business.

As it formalizes its Sky bid, Fox switched the structure from a scheme of arrangement, which requires approval from 75 percent of Sky’s shareholders, to an offer. That threshold requires potentially as little as 50 percent.

The move also starts a 46-day clock during which Comcast and Fox can change their offers. Sky acknowledged the publication of Fox’s offer and said it would publish its formal response within 14 days, as set out under U.K takeover rules.
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
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08 Aug 2018 20:52

https://www.bbc.com/news/business-45123228
US media company 21st Century Fox saw revenue rise more than 17% in the fourth quarter, boosted by its film division.
...
The firm's international properties, including its stake in satellite broadcaster Sky, are also included in the deal, which Fox said it expects to close in the first half of 2019.

Fox plans to hold onto its news and sports units, which will be spun off into a separate company.

Rupert Murdoch and son Lachlan, who chair Fox, said: "As we move closer to combining our businesses with Disney and establishing new "Fox", we are convinced that the paths we are creating for our iconic businesses will drive enduring and growing value for our shareholders."

Comcast has recently topped Fox's bid for the 61% of Sky that it does not own. Fox has until 22 September to revise its offer. Disney would have to approve plans to submit a higher offer.

On a call with financial analysts this week, Disney declined to comment on its plans, calling it an "open matter".
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
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19 Sep 2018 21:27

Bizarre! :confused: A good distraction from The Worlds!
https://www.bloomberg.com/news/articles/2018-09-19/comcast-fox-battle-for-sky-could-be-resolved-in-one-day-auction
The drawn-out battle for control of Sky Plc is likely to be settled in an abbreviated auction starting this Saturday, in a showdown to seal the fate of Europe’s biggest satellite broadcaster.

An auction lasting as little as one day has emerged as the favored structure to end the 26 billion-pound ($34 billion) contest for the U.K. pay-TV company in talks between Britain’s Takeover Panel, Sky and the two bidders, 21st Century Fox Inc. and Comcast Corp., according to people familiar with the matter.

The Takeover Panel’s standard procedures for an auction involve a five-day process. Details have yet to be finalized and they are still discussing whether to work with sealed or open bids, or a mix of the two, said the people, who asked not to be identified because the deliberations are private.

The Takeover Panel is expected to announce the auction process as soon as today, one of the people said. Sky investors would then have until Oct. 6 to decide to tender their shares to whichever offer they consider is best.


More details of the 5 day stage race ... I mean auction.
https://www.reuters.com/article/us-sky-m-a-auction-explainer/auction-battle-looms-for-comcast-and-fox-as-sky-bidding-deadline-nears-idUSKCN1LF1K1
Since the Corus sale, the Panel has tweaked the rules governing auctions so that unless the bidders and target agree an alternative procedure, the regulator runs a five-round process over five consecutive business days.

The suitors can announce revised offers by 5pm each day up until the fifth day, after which no new bids are allowed and the offers become final. The auction ends earlier than the fifth day if there is a round that draws no new offers.
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
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20 Sep 2018 09:42

https://www.bloomberg.com/news/articles/2018-09-20/comcast-fox-battle-for-sky-to-be-decided-in-one-day-auction?srnd=premium-europe
The drawn-out battle for control of Sky Plc will come to a head in an one-day auction this Saturday, in a showdown to help seal the fate of Europe’s biggest satellite broadcaster.

Britain’s Takeover Panel will start the auction with bidders 21st Century Fox Inc. and Comcast Corp. at 5 p.m. on Sept. 21 in London and end the process during Saturday evening, it said in a statement. The auction will consist of a maximum of three rounds which will all take place on Saturday. Sky shares traded down 0.2 percent at 15.77 pounds at 10:02 a.m.
...
Disney would inherit Sky if Fox’s bid prevails, giving it 23 million European customers to market to, regarding its ESPN and future entertainment streaming services. Should Comcast Chief Executive Brian Roberts win the fight for Sky, he would gain a direct-to-consumer business with similarities to his own in the U.S., offering scale and scope to share technological know-how with the U.S. cable giant.


The rules of the auction, timing etc at
http://www.thetakeoverpanel.org.uk/publication/view/201815-sky-plc
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
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20 Sep 2018 22:05

https://www.bloomberg.com/news/articles/2018-09-20/comcast-fox-battle-for-sky-to-be-decided-in-one-day-auction
Britain’s Takeover Panel laid out the guidelines for an auction of as many as three rounds on Saturday. Sky investors will have about two weeks to decide to tender their shares to whichever offer they consider superior. Sky shares were little changed at 15.80 pounds at 2 p.m., giving the company a market value of 27 billion pounds ($35 billion
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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21 Sep 2018 07:27

https://www.bloomberg.com/news/articles/2018-09-20/comcast-fox-battle-for-sky-to-be-decided-in-one-day-auction
“This will most likely mark the end of a process that we have managed for almost two years,” Sky Chief Executive Officer Jeremy Darroch said in an email to employees obtained by Bloomberg. “Whatever the outcome, the prospects ahead of us are exciting.”

Exciting?
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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22 Sep 2018 18:30

Looks like Comcast have just brought Sky -
https://www.bloomberg.com/news/articles/2018-09-22/comcast-muscles-fox-aside-with-39-billion-offer-for-sky?srnd=premium-europe
Comcast Corp. bid highest in a quick-fire auction of Sky Plc, dealing Rupert Murdoch’s 21st Century Fox Inc. a potential knock-out blow in their battle for Europe’s largest satellite broadcaster.

The U.S. cable TV provider offered 17.28 pounds a share for London-based Sky, compared with Fox’s 15.67-pound bid, the U.K. Takeover Panel said Saturday. Comcast’s proposal values Sky at 29.7 billion pounds ($39 billion). A victory over Fox, however, won’t be sealed unless Sky investors tender their shares by an Oct. 11 deadline.

If Comcast’s bid is enough to clinch Sky, Chief Executive Officer Brian Roberts will emerge as a global TV power after conceding ownership of most of Fox’s entertainment assets in a separate bidding war to his rival, Walt Disney Co.’s Bob Iger. Comcast would also win a rare opportunity to diversify beyond the U.S. and gain global scale to compete with video streaming giant Netflix Inc.
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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24 Sep 2018 05:38

How the auction happened -
https://www.bloomberg.com/news/articles/2018-09-23/seven-hour-shootout-in-london-leaves-comcast-poised-to-buy-sky?srnd=premium-europe
At 8:35 p.m., Darroch (Sky's Chief Executive Officer Jeremy Darroch) sent an emailed note to his staff with the perhaps-wishful words, “It’s now over.”
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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Posts: 3,152
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Location: stockholm, sweden

24 Sep 2018 22:18

Could Comcast's victory be pyrrhic?
https://www.bloomberg.com/news/articles/2018-09-24/comcast-could-enter-the-100-billion-debt-club-with-its-sky-bid?srnd=premium-europe
Comcast Corp.’s winning bid for Sky Plc is poised to catapult the U.S. cable giant’s debt load to $100 billion or more, putting it in a club that only a handful of other companies belong to.
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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Posts: 3,152
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Location: stockholm, sweden

26 Sep 2018 21:57

Rupert sells off his stake in Sky -
https://www.bloomberg.com/news/articles/2018-09-26/murdoch-s-fox-to-sell-sky-stake-to-comcast-after-losing-auction
Rupert Murdoch is officially walking away from Sky Plc, the satellite broadcaster he helped build over three decades, marking the end of an era for both the billionaire and U.K. media.

21st Century Fox Inc., which Murdoch controls, agreed to sell its 39 percent stake in Sky to Comcast Corp. after an intense bidding war that lasted months. Comcast was already poised to acquire the other 61 percent of the company, but it wasn’t clear until Wednesday that Murdoch would capitulate and sell the remainder as well.


Rupert might have lost the battle for Sky, but he's still laughing all the way to the bank -
https://www.bloomberg.com/news/articles/2018-09-24/murdoch-s-sky-windfall-lessens-sting-of-defeat-to-comcast
Murdoch was already in line to receive billions of dollars from Walt Disney Co.’s $71 billion stock and cash offer for most of Fox’s assets, including a 39 percent stake in Sky. Now Comcast’s knockout $39 billion bid has put a rocket under Sky shares, inflating their value for Disney and, ultimately, for Murdoch once he becomes a major Disney shareholder.

It looks like the perfect outcome for the 87-year-old, who set up his first news company in Australia in 1952 and sealed the Disney deal in July partly as a way to step back from his businesses and cement his legacy. Murdoch is already the world’s 60th wealthiest person with a fortune valued at $17.2 billion.

“Murdoch gets the last laugh from a financial perspective,” said Paul Sweeney, an analyst at Bloomberg Intelligence. “He’s sold 21st Century Fox at a really big price and now he’s selling Sky for a really high price.”
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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28 Sep 2018 06:12

https://www.bloomberg.com/news/articles/2018-09-28/why-comcast-is-paying-dearly-for-britain-s-sky?srnd=premium-europe
Its (Comcast's) winning bid: $39 billion, more than double what media investors estimated the company was worth when it went on the block in 2016.

...on Sept. 24, Comcast’s shares fell as much as 8 percent as Wall Street worried that its global expansion will cost too much. “They grossly overpaid,” says Craig Moffett, an analyst at MoffettNathanson LLC.
...
When Comcast gains control of Sky, one of its first tasks will be introducing itself to European consumers who’ve never heard of it, according to Alice Enders, head of research at Enders Analysis. “The brand isn’t familiar to people here at all,” says Enders, who’s based in London. “People are still wondering, Who is this company?”

That fresh start could be an advantage for Comcast, whose reputation in the U.S. has been damaged by its history of frustrating customer service. It’s expected to continue using the Sky brand name, so consumers may never notice the new American overlord.


Overpaid, but the Sky name seems to remain.
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
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04 Oct 2018 07:12

Comcast goes out and borrows the dosh to pay for Sky -
https://www.bloomberg.com/news/articles/2018-10-02/comcast-kicks-off-bond-sale-to-fund-39-billion-sky-acquisition
Comcast Corp. sold bonds to finance its $39 billion acquisition of Sky Plc in one of the biggest corporate debt sales ever in the U.S.

The Philadelphia-based cable giant sold $27 billion of unsecured bonds in 12 parts. The longest portion of the offering, a 40-year security, yields 1.75 percentage points above Treasuries, less than an initially discussed range of between 1.95 percentage points and 2 percentage points, according to a person with knowledge of the matter, who asked not to be identified as the details are private.
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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10 Oct 2018 06:31

https://news.sky.com/story/james-murdoch-quits-sky-as-comcast-takes-control-11522135
James Murdoch has resigned from the board of Sky plc, owner of Sky News, as Comcast takes majority control in a £29.7bn deal.

Mr Murdoch's departure together with that of six other directors was announced by Sky shortly after Comcast said it was now the majority owner of the company.

The resignation of Rupert Murdoch's son James was announced shortly afterwards, together with that of fellow directors John Nallen, Chase Carey, Martin Gilbert, Andy Sukawaty, Tracy Clarke and Katrin Wehr-Seiter.
...
Martin Gilbert, outgoing chairman of Sky's independent board committee, said the deal was an "excellent outcome for Sky shareholders" and congratulated Comcast on taking control.

Sky said there would now be applications to cancel its stock market listing and trading - and that this was expected to become effective on 7 November.


Lots of happy sounds from Sky (those who've made a killing owning shares), but there's bound to be some friction.
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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06 Nov 2018 07:53

Darroch might get the boot but he won't be short of a bob or two -
https://www.bloomberg.com/news/articles/2018-10-12/sky-ceo-darroch-takes-home-18-million-in-comcast-deal-windfall
Sky Plc Chief Executive Officer Jeremy Darroch will take home as much as 38.2 million pounds ($50 million) after steering the British pay-TV company into the arms of Comcast Corp.

The 56-year-old sold his 775,772 shares in Sky worth 13.4 million pounds to the U.S. cable giant as it prepares to complete the $39 billion takeover, according to a filing Friday. Darroch will also cash in on previously awarded bonus shares.


Update- edit - https://www.digitaltveurope.com/2018/10/26/skys-darroch-to-stick-around-outlines-post-comcast-priorities/
Taking part in Comcast’s Q3 results call for the first time since the UK cable giant’s successful acquisition of the pay TV operator, Darroch said he planned “to stick around” and that he was “looking forward to leading Sky into the future”. Ahead of Comcast’s acquisition there had been speculation that he could depart if Comcast, rather than 21st Century Fox, was successful in its bid.
...
In the Q&A session, Darroch said that there was probably no other business with the scale of Sky plus Comcast’s 50 million household relationships. He said that there was “certainly a huge amount of growth to go for in our mind in Europe”, including in Germany, which is still a relatively immature pay TV market.


G to go for Münsterland Giro ?! :)
"Are you going to believe me or what you see with your own eyes?"

“It doesn’t matter what I do. People need to hear what I have to say. There’s no one else who can say what I can say. It doesn’t matter what I live.”
User avatar Robert5091
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Posts: 3,152
Joined: 29 Mar 2016 08:56
Location: stockholm, sweden

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