Rupert sells off his stake in Sky -
Rupert might have lost the battle for Sky, but he's still laughing all the way to the bank -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.
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.”