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Comcast Outbids Fox In Battle For European Broadcaster Sky

Reuters reports 21st Century Fox may review its stake in Sky after losing out to Comcast.
Posted at 3:05 PM, Sep 23, 2018

Comcast has beaten 21st Century Fox in the bidding war for coveted European broadcaster Sky. 

The U.K.'s Takeover Panel made Comcast's $39 billion bid public on Saturday. Sky's independent committee unanimously recommended Comcast's offer.

The offer amounted to about $23 a share, while Fox's was about $20 a share. 

A source told Reuters that Fox is expected to concede in the ongoing fight to control 61 percent of Sky. It already owns 39 percent of the company.

Sky is a leader in pay TV in the U.K., so it could potentially offer Comcast a way to expand viewership in Europe. Its acquisition is also seen as a way to become more competitive against streaming services like Netflix.

Additional reporting by Newsy affiliate CNN