Plus   Neg

Comcast Completes Acquisition Of Sky Shares Held By 21st Century Fox

Comcast Bidco Limited, an indirect wholly-owned subsidiary of Comcast Corp. (CMCSK,CMCSA), said Tuesday that it has completed the acquisition of Sky Shares held by 21st Century Fox and the acceptance condition to its Mandatory Offer for Sky has now been satisfied.

Accordingly, the Mandatory Offer has become unconditional as to acceptances and, as the Condition was the only condition to the Mandatory Offer, the Mandatory Offer is also wholly unconditional.

Brian Roberts, Chairman and CEO of Comcast Corporation, said, "We are pleased today to be the majority owner of Sky. .... We are also fully committed to ensuring Sky News' future, maintaining its editorial independence, and preserving its strong track record for trusted, high quality, impartial news."

Jeremy Darroch, Group Chief Executive Officer of Sky plc, said, "Comcast have committed to investment in Sky, including our Osterley and European headquarters and we very much look forward to working with Brian and the Comcast team to achieve further growth and development of Sky's business....."

As at 1.00 p.m. (London time) on 9 October 2018, Comcast Bidco had received valid acceptances of the Mandatory Offer in respect of a total of 44.19 million Sky Shares representing approximately 2.56 per cent. of Sky's issued ordinary share capital.

In addition, following acquisitions by Comcast Bidco of Sky Shares in the market representing in aggregate 648.60 million Sky Shares (representing about 37.72 per cent of Sky's issued ordinary share capital), and following completion of the acquisition of 672.78 million Sky Shares from 21st Century Fox or its affiliates (representing about 39.12 per cent. of the issued ordinary share capital of Sky), Comcast Bidco holds in aggregate 1.32 billion Sky Shares, representing approximately 76.84 per cent. of Sky's issued ordinary share capital.

Accordingly, as at 1.00 p.m. (London time) on 9 October 2018, Comcast Bidco may count 1.37 billion Sky Shares (representing over 75 per cent. in aggregate of Sky's issued ordinary share capital) towards satisfaction of the Condition to the Mandatory Offer.

The Mandatory Offer will remain open for acceptance until further notice. At least 14 days' notice will be given by an announcement before the Mandatory Offer is closed.

It is anticipated that cancellation of Sky's listing on the Official List and admission to trading on the London Stock Exchange's Main Market will take effect no earlier than 20 Business Days after the date of this announcement. Comcast Bidco therefore confirms that the notice period has commenced and that the anticipated date of cancellation is 7 November 2018.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Malaysia has filed criminal charges against Goldman Sachs and two of the bank's former employees in connection with a corruption and money laundering probe tied to that country's sovereign wealth fund, 1 Malaysia Development Bhd, or 1MDB. Shares of Goldman Sachs are losing more than 2 percent in regular trading on the New York Stock Exchange. Alphabet Inc.'s Google said Monday that it will expand its presence in New York City by investing over $1 billion in capital requirements to establish a new campus known as Google Hudson Square. Google noted that its investment in New York is a huge part of its commitment to grow and invest in U.S. facilities, offices and jobs. Blockchain and artificial intelligence are the fastest-growing job categories, according to a report published by LinkedIn, the networking platform for professionals. Blockchain Developer is topping the list amid the ongoing hype around blockchain and cryptocurrency. As per the Emerging Jobs Report for 2018, the U.S has seen a surge in demand for people with blockchain development skills.
Follow RTT