Fox to sell 39 percent stake in Sky to Comcast

By Ovunc Kutlu

NEW YORK (AA) – Twenty-First Century Fox said Wednesday it will sell its 39 percent stake in British media firm, Sky plc, to Comcast.

The decision came less than a week after the U.S. entertainment and media company lost its battle to acquire Sky on Saturday to the cable and telecommunications giant.

“In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF’s existing 39 percent holding in Sky to Comcast. We congratulate Comcast on their pending acquisition," Twenty-First Century Fox said in a statement.

"The Walt Disney Company has consented to Twenty-First Century Fox Inc.’s decision to tender or sell its 39 percent stake in Sky plc as soon as allowable under terms of Comcast Corp.’s £17.28 per share offer for Sky. The current value of Fox’s Sky stake is more than $15 billion," Disney said in a statement.

Disney's consent to Fox's decision is required since Disney reached an agreement in June to buy Fox for $71.3 billion.

A week before the deal, Comcast offered $65 billion for Fox, but later dropped its bid.

The latest by Twenty-First Century Fox also ends Rupert Murdoch's relationship with Sky that lasted for almost three decades.

Murdoch's satellite network Sky Television merged with British Satellite Broadcasting in 1990 to form Sky plc, which is currently Europe's largest Pay TV broadcaster with 23 million subscribers.

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