21st Century Fox selling 40% stake in Sky

Rupert Murdoch’s 21st Century Fox is to sell its 39 per cent stake in broadcaster Sky to Comcast.

Fox said that following Comcast’s victory in a £30 billion bidding war over the British broadcaster, it would either accept the US cable giant’s offer or sell its stake at the offer price of £17.28. It means that the Murdoch family will relinquish its holding in Sky.

Sky boss Jeremy Darroch said: “Nearly 30 years ago Rupert Murdoch took a risk to launch Sky and in the process changed the way we watch television forever.

“His vision and belief has enabled us to grow in to Europe’s leading direct to consumer media business.”

Darroch added that with 21st Century Fox announcing its intention to sell its shares to Comcast “we close one chapter while simultaneously opening another – our aim is to make the next 30 years as exciting for customers, colleagues and all our stakeholders”.

Comcast’s victory means Murdoch has failed for a second time to gain full control of Sky. But since Fox made its first bid nearly two years ago, it has agreed to sell a major chunk of its business - including its existing 39 per cent Sky stake - to Walt Disney, which has rubber-stamped the sale to Comcast.

Offloading the stake will net the firm about £11.6 billion.

Comcast has won the longrunning battle for control of Sky, beating Fox’s £15.67 per share offer after the auction went to the maximum three rounds, and it is set to become the biggest pay-tv provider in the world. 0 The Murdoch family will relinquish its holding in Sky