21st Century Fox will sell its remaining stake in British pay TV provider Sky to Comcast in the latest financial wrangling as Disney prepares to acquire Fox’s entertainment assets.
Over the weekend, Comcast won a rare bidding auction for 61 percent of Sky offering 17.28 pounds per share, almost 30 billion pounds ($39 billion). Fox will sell its 39 percent stake to for 11.6 billion pounds ($15.25 billion).
Last December a bidding war between Walt Disney Co. and Comcast began over Fox’s entertainment assets. Walt Disney Co. prevailed and is in the process acquiring Fox. Comcast dropped out of that contest to focus on its acquisition of Sky.
Disney says the sale will significantly reduce the amount of debt it is taking on by acquiring Fox’s entertainment assets.
SOURCE: The Associated Press