Monday, October 15, 2018
Business

Brussels clears Comcast bid for Sky

The European Commission has approved Comcast's bid for Sky, turning up the heat in the battle with 21st Century Fox for the broadcaster.

Brussels authorities said that the proposed merger raised no competition concerns in Europe.

"The commission found that the proposed transaction would lead to only a limited increase in Sky's existing share of the markets for the acquisition of TV content, as well as in the market for the wholesale supply of TV channels in the relevant member states," the commission said in a statement.

Sky issued a statement to the London market saying it welcomed the decision.

Comcast's £22bn offer for the rest of Sky that Fox doesn't already own is in competition with a takeover bid by Fox at £10.75 a share in 2016.

Today's approval follows the commission's announcement in April that it also unconditionally supports Rupert Murdoch's 21st Century Fox's proposed takeover of Sky.

Culture minister Matt Hancock has said the Sky-Fox deal can proceed as long as Sky News is divested.

He also gave his approval for the Comcast bid on Sky to go ahead in May, saying he was "not minded" to intervene.

Comcast also topped Disney's bid for Twenty-First Century Fox with a $65bn offer this week.

The bid for Twenty-First Century Fox includes the group's movie studio, all of Fox's televison networks, and the company's stakes in Hulu, Sky and Star TV. Fox Broadcasting, Fox News and Fox Sports are not part of the deal.

Read more: Giro d'Italia 2018: Could Comcast takeover spell the end for the Team Sky?

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