LONDON (AP) - Shares in Sky plc are up 8.8 percent after Comcast won a bidding war for the British pay TV giant in a weekend auction that pushed the value of the company to almost 30 billion pounds ($39 billion).
The rare auction was organized by Britain’s Takeover Panel after months of offers and counteroffers from Comcast and 21st Century Fox as the U.S. media companies sought a foothold in Europe.
After three rounds of secret bidding, Comcast offered 17.28 pounds a share for Sky, beating Fox’s bid of 15.67 pounds. Sky’s board recommended accepting the offer.
Philadelphia-based Comcast said it hoped to complete the takeover by the end of October. Comcast is one of the largest cable television providers in the U.S., with around 29 million customers.
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