Situational awareness: Comcast won the bidding war for Sky, paying £17.28 per share, or $39 billion. The winning bid was $3.6 billion more than the rival £15.67-per-share offer from Fox, which already owns 39% of Sky.

  • Be smart: If Fox valued control of Sky at £15.67 per share, it has to value its 39% stake at much less than that. Ultimately, then, Fox is almost certain to sell its stake to Comcast. The only question is whether it will simply tender its shares now, for cash, or whether it will hold out for a more strategic deal.
  • The world's smallest violin is playing for the owners of English Premiership soccer teams, who will no longer be able to play Comcast off against Sky for their TV rights.