ADVERTISEMENT

Fox to sell 39% Sky stake to Comcast

Fox to sell 39% Sky stake to Comcast

Published
Hot News
1 min read
Fox News. (Photo: Twitter/@FoxNewsr)
Los Angeles, Sep 27 (IANS) Twenty-First Century Fox has agreed to sell its 39 per cent stake in Sky Television to Comcast, which won a bidding auction for the European pay-TV giant.
According to CNBC News, the decision was approved by Disney, which will soon acquire most of Fox and would have inherited the Sky stake.
Fox said in a statement: "In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21st Century Fox's existing 39 per cent holding in Sky to Comcast. We congratulate Comcast on their pending acquisition."
Disney also said that the sale of the stake, coupled with the divestiture of the Fox Sports Regional Networks, would reduce the amount of debt it will incur in buying the Fox assets and help it invest in its Disney-branded direct-to-consumer offering launching late next year
Another major part of Disney's streaming strategy is Hulu, which it will control as a result of the acquisition. Disney will own 60 per cent of the streaming service after the deal closes, which is expected to happen in 2019.
--IANS
sim/rb/mr

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)

We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated.

Liked this story? We'll send you more. Subscribe to The Quint's newsletter and get selected stories delivered to your inbox every day. Click to get started.

The Quint is available on Telegram & WhatsApp too, click to join.

ADVERTISEMENT
ADVERTISEMENT
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!
ADVERTISEMENT