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 will pay $15 billion for 39 percent of Sky. The announcement came just days after Comcast won control of Sky in a rare auction last weekend.
“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. “We are proud of the role our company has played in building Sky.”
The takeover bid for Sky lasted for months before it was finally resolved last Saturday.
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Fox’s sale ends media mogul Rupert Murdoch’s 29-year association with Sky. Murdoch is the executive co-chairman of 21st Century Fox.
“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.
Disney was initially going to purchase Fox’s assets o use as leverage to get Comcast to sell its stake in Hulu. Instead, it drove up the bid for Sky and cashed in shares at a premium rate.