Fox to sell minority stake in Sky to Comcast

Photo by Daniel Leal-Olivas/AFP/Getty Images

21st Century Fox says will sell its minority stake in Sky Broadcasting to Comcast.

The details: Disney, which struck a deal to buy the majority of Fox's entertainment assets this year, including its 39% stake in Sky, said in a statement Wednesday that it agreed to the transaction because it will help offload debt.

Comcast prevails over Fox in dramatic settlement auction for Sky

Photo: Daniel Leal-Olivas/AFP/Getty Images

Comcast has prevailed in a suspenseful settlement auction against 21st Century Fox for European Broadcaster Sky. Comcast submitted a £17.28 per share bid while Fox submitted a £15.67 per share bid. The auction ends a nearly two-year-long battle for Sky.

Why it matters: Sky reaches nearly 23 million pay-TV households across six European countries, which will help Comcast develop an international footprint to be able to take on some of the big tech streaming giants, like Netflix and Amazon.