LONDON – Rupert Murdoch’s Fox said on Wednesday it would sell its 39 percent stake in Sky to Comcast, the U.S cable giant that outbid it in an auction to take control of the European pay-TV group on Saturday.
Twenty-First Century Fox had agreed to sell its stake in Sky to Walt Disney Co as part of a separate deal.
Disney had consented to Fox’s decision to either accept Comcast’s offer or to sell the stake to Comcast at the offer price, which valued the holding at 11.63 billion pounds ($15.31 billion), Fox said.
“Along with the net proceeds from the divestiture of the RSNs, the sale of Fox’s Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company.
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