Jul 11, 2018

Fox tops Comcast with new $32.5 billion offer for Sky

Photo by Daniel Leal-Olivas/AFP/Getty Images

21st Century Fox raised its takeover offer for British broadcaster Sky from £10.75 per share to £14 per share, putting the total deal value at $32.5 billion on Wednesday. Fox's new offer comes after Comcast bid £12.50 per share for Sky in February.

Why it matters: The revised offer is designed to guarantee that whoever buys Fox's entertainment assets also gets majority ownership of Sky, and seems to be just the latest hint that Fox prefers Disney.

The backstory: The new offer comes amidst Comcast and Disney both vying to buy 21st Century Fox's entertainment assets back in the U.S.

  • Fox currently owns 39% of Sky Broadcasting and is looking to acquire majority ownership to give its potential new owner.
  • Comcast has a Friday filing deadline for its $31 billion bid.

Between the lines: Fox CEO Rupert Murdoch, Comcast CEO Brian Roberts and Disney CEO Bob Iger are all expected to meet this week in Sun Valley at the annual Allen & Co. Conference.

Fox is still waiting regulatory approval from the UK to actually buy Sky, but is expected to receive it soon.

  • Fox promised last month that it would sell Sky News to Disney to ease any plurality concerns from regulators. Disney has agreed to fund the channel for 15 years and agree not sell the property without regulators' permission.
  • Regulators suggested last month that Comcast was unlikely to face the same grueling regulatory process that Fox has been going through for the past 18 months.

The big picture: Sky Broadcasting is unique because it reaches nearly 23 million households across five European countries. It also has a robust over-the-top streaming business — which would help its new majority owner build a streaming audience overseas.

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In photos: Life in the era of coronavirus across the U.S.

Cellist Jodi Beder performs a daily concert on her front porch in Mount Rainier, Maryland, to help people passing by and her neighbors cope with the outbreak. Photo: Andrew Caballero-ReynoldsE/AFP via Getty Images;

The number of novel coronavirus cases in the U.S. has grown from one on Jan. 21 to over 312,000 by early Sunday, per Johns Hopkins.

The big picture: Roughly 3/4 of the American population is on lockdown. From practicing social distancing to the shutdown of non-essential businesses, here's how Americans are coping with the massive upheaval the outbreak has brought, in photos.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of midnight ET: 1,202,827 — Total deaths: 64,771 — Total recoveries: 246,886Map.
  2. U.S.: Total confirmed cases as of midnight ET: 312,076 — Total deaths: 8,496 — Total recoveries: 14,997Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. The virus is hitting poor, minority communities harder and upending childbirth.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. "We're having the convention at the end of August."
  5. Business updates: Restaurants step up for health care workers. Employees are pressuring companies to provide protections during coronavirus.
  6. Oil latest: Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
  7. Education update: Many college-age students won't get coronavirus relief checks.
  8. 1 🏀 thing: The WNBA postpones start of training camps and season.
  9. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: Confirmed cases top 1.2 million

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The number of novel coronavirus cases surpassed 1.2 million worldwide Saturday night, as Spain overtook Italy as the country with the most infections outside the U.S. The global death toll has surpassed 64,700, per Johns Hopkins data.

The latest: The United Kingdom's Queen Elizabeth II will speak in a televised address on the coronavirus Sunday of the "disruption that has brought grief to some, financial difficulties to many, and enormous changes to the daily lives of us all," per the BBC. The U.K. death toll rose 708 to 4,313 on Saturday — the fourth highest in the world.

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