Sky / Twenty-First Century Fox

Sky / Twenty-First Century Fox: Comcast’s Intentions and Whether Fox or Disney Comes Back



Publication Date: February 26, 2018


Research Report Overview

Sky / Fox has been turned on its head after Comcast announced a competing proposal at 1,250p per Sky share, plus permitted dividends that can add an additional 34.9p to the offer price if the transaction completes after mid-October. This is a healthy 16.3% headline premium to the Fox offer and investors have driven up Sky’s share price to trade at a 3.6% premium to Comcast’s offer (including dividends). We provide our high-level thoughts on the developments and views on whether Fox will come back. We also importantly address Comcast’s offer in the context of: 1) the rationale and numbers behind Comcast’s counterbid; 2) Fox’s need to control 100% of Sky, considering Disney’s pending offer for Fox assets; 3) Disney’s need to control Sky, in light of its desire to expand internationally and secure subscribers and content; 4) whether Comcast has further intentions for Fox; and, 5) potential outcomes and strategies.


Contents (8 Pages):

1. Behind Comcast’s Counterbid: The Rationale and Numbers 2. Fox’s need to control 100% of Sky 3. Disney’s Need to Control Sky 4. The Deal Structure and Whether Comcast has Further Intentions for Fox 5. Potential Outcomes and Strategies


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Deal Timeline

Sky / Twenty-First Century Fox

End Date: October 9, 2018

October 2018

September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

Deal Announced: December 15, 2016
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