Twenty-First Century Fox and Comcast are heading for an auction to settle a takeover of British broadcaster Sky, reported the Wall Street Journal.
The bidding process will officially begin on Friday evening, September 21, and will come to end on the following day, the UK’s Takeover Panel said Thursday, September 20, with a maximum of three rounds to decide the fate of the deal. Each bid must be made in cash.
The UK Takeover Panel, which polices deal making in the country, laid out rules for the auction. It is a process the regulator hasn’t run many times previously and never before with such a large company as the prize. London-listed Sky has a market value of some US$35 billion.
Such government-mandated auctions of big, publicly traded companies are rare reported the Journal. The Sky auction pits Rupert Murdoch’s 21st Century Fox, which already owns 39% of Sky, against Comcast.
Mr. Murdoch has long sought to consolidate his holding in London-based Sky. Disney and Comcast see Sky as a way to expand internationally. The broadcaster also sells wireless, TV, and internet services throughout Europe, and it is a media company that produces its own news, entertainment and sports programming.
Full Content: Wall Street Journal
Featured News
Plaintiffs Seek Communications In Antitrust Case Against Pioneer
May 9, 2024 by
CPI
UK Government Approves Vodafone-Hutchison Merger
May 9, 2024 by
CPI
Senate Majority Leader Announces Plan for AI Regulation Framework
May 9, 2024 by
CPI
BBVA Initiates Aggressive Takeover Bid for Sabadell
May 9, 2024 by
CPI
TikTok to Label AI-Generated Content Amid Election Interference Concerns
May 9, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI