Comcast won a bid for the acquisition of British telecommunications company Sky, which won $ 38.8 billion to double Rupert Murdoch's 21st Century Fox after a long bidding war this summer. Comcast's victory allows it to acquire Sky and its 23 million subscribers and European entertainment content. Sky's shareholders will now have to approve the transaction.
During this year, Comcast and Fox have fought a titanic battle over their future, a battle that will define the nature of the industry as a whole. Last summer, Disney CEO Bob Iger spoke with Murdoch about an acquisition of Fox, and Comcast had made his own openings. The two have made several offers this spring, but after Disney increased its offer, Comcast abandoned its plans to acquire the Murdoch company.
As a backdrop, Murdoch's ambition to fully acquire Sky-Fox already holds 39% of the company's capital, and Murdoch has been striving to fully acquire Sky since 2016 – to better position the new version of Fox in the world of telecommunications. . It was not the only one: Comcast was also interested in the acquisition of Sky, and another bidding war followed this summer. In August, government regulators set up an auction for the company, which fought Fox (and by proxy, Disney, which would engulf Sky when it was acquired by Fox) against Comcast.
The Wall Street Journal notes that Comcast's victory will give it a huge pool of international customers, but the price is very high: this summer's bidding war has increased the final cost of Sky's costs well above what it was willing to pay months ago. The acquisition will also allow Comcast Sky to acquire significant television and programming assets, which will help it compete with companies like Netflix and Amazon, which have invested heavily in original entertainment.
In the end, the sale is a loss for …