21st Century Fox Inc., which Murdoch controls, agreed to sell its 39% stake in Sky to Comcast Corp. after an intense bidding war that lasted months. Disney supported the decision to sell Fox’s Sky stake, which is worth more than $15 billion. “In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF’s existing 39% holding to Comcast,” Fox said. Between selling the Sky stake and a separate plan to unload Fox’s regional sports networks, Disney is expected to cut about $30 billion from its acquisition costs. Fox’s Sky stake is now worth more than double what it was before Murdoch’s latest takeover effort.

Source: Mint September 26, 2018 17:26 UTC