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20th of July 2018

Economy



Fox’s Sky bid rises to £24bn

This trumps a £12.50-a-share offer tabled in April by US cable giant Comcast, which valued Sky at £22billion.

Fox’s initial proposal in December 2016 was worth £10.75-a-share.

Fox is expecting to get final Government clearance for a takeover this week, having faced a lengthy probe amid concerns over Murdoch holding too much control over news providers and excessive influence over public opinion.

He owns newspapers including The Times and The Sun.

Fox has agreed concessions including selling Sky News, probably to Disney.

The company will continue to underwrite the funding of the news channel to a guaranteed level of at least £100million for 15 years.

Fox said that as the founding shareholder of Sky, they have remained deeply committed to bringing the two organisations together to create a “world-class business positioned to deliver the very best entertainment experiences”.

A spokesman said: “We strongly believe that a combined Fox and Sky will be a powerful driver for the continued growth and vibrancy of the UK and broader global creative industries. The enhanced scale and capabilities of the combination will enrich Sky’s ability to continue on its mission for years to come.”

The transaction was described as “transformative” and will position Sky to compete within an environment that now includes some of the largest companies in the world.

The spokesman added: “We said when we announced our proposed acquisition of Sky that we were firmly committed to UK’s creative industries and the contribution they make to the UK economy.”

The battle is set within a larger struggle between Comcast and Disney for most of Fox’s entertainment assets including film studios. Sky shares fell 7½p to 1494p.

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