"In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell [our] existing 39 percent holding in Sky to Comcast," 21st Century Fox said in a statement.
Fox Will Sell Its 39% Sky Stake To Comcast, Ending Rupert Murdoch Era
Rupert Murdochs Fox has agreed to sell all its shares in Sky to Comcast, who are now set to take total control. (The decision wasnt really made by Murdoch, it was made by Disney who would be buying his stake in any eventuality.)
NEW: 21st Century Fox will sell its remaining stake in British TV provider Sky to Comcast as Disney prepares to acquire Foxs entertainment assets.
BREAKING: Twenty-First Century Fox to sell remaining stake in Sky after Comcast won bid for the company.
Comcast has won its $38.8B bid for Sky—beating rival offers from 21st Century Fox and Walt Disney
"Along with the net proceeds from the divestiture of the RSNs, the sale of Fox's Sky holdings will substantially reduce the cost of our overall acquisition and allow us to aggressively invest in building and creating high-quality content for our direct-to-consumer platforms to meet the growing demands of viewers," said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company, in a statement.
21st Century Fox says it will sell its 39% stake in Sky plc which is the owner of Sky News to Comcast
Fox had been trying to acquire the remainder of the UK broadcaster, while Comcast was reportedly angling to snap up Fox from under Disney's nose.
Sky News will now be owned by Comcast, which already controls US news and media businesses including NBC and Universal Studios.
#BREAKING 21st Century Fox agrees to sell its 39% stake in Sky to Comcast
In reality it was Disney, rather than Murdoch, which had been guiding the bidding process for Sky in recent months and it is Disney that will receive the substantial proceeds from the sale of shares.
Just in: Disney and Fox are selling their shares in Sky — to Comcast. This puts the US cable operator on course to take full control of the European media group.
Rupert Murdoch’s three-decade reign at Sky TV is to end after his company 21st Century Fox announced it would sell all of its shares in the British broadcaster to the US media firm Comcast.
The bidding war for Sky was intense, especially between Comcast and Fox.
Although there has been no formal announcement on his future, the current Sky chairman, James Murdoch, is likely to leave the company when the deal is finalised.
Comcast will own all of Sky as Fox sells its stake for $15 billion
Fox's sale ends media mogul Rupert Murdoch's 29-year association with Sky.
"Nearly 30 years ago, Rupert Murdoch took a risk to launch Sky and in the process changed the way we watch television forever," Sky CEO Jeremy Darroch said.
Fox to sell Sky stake to Comcast for $15 billion
Sept. 26 (UPI) -- Comcast will acquire all of 21st Century Fox's shares in British broadcaster Sky, clearing the way for the U.S. cable provider to gain a greater foothold in Europe.
Comcast’s victory also means that almost two years of government scrutiny of whether Murdoch should be allowed to take control of Sky were ultimately for nothing – although the lengthy process did give Comcast enough time to move in and gazump the Fox bid.