×
You will be redirected back to your article in seconds

Sky Backs Comcast Deal, CEO Jeremy Darroch Says ‘Momentum Will Only Increase’ 

Sky has recommended that its shareholders accept Comcast’s blockbuster $39 billion bid for the company, an offer hailed by chief executive Jeremy Darroch as “the beginning of the next exciting chapter for Sky.”

Comcast won a three-round auction for Sky on Saturday, with a £17.28-per-share deal that almost certainly puts enough distance between it and rival bidder 21st Century Fox to win the battle for control of the European pay-TV heavyweight. Fox, with Disney’s approval, lodged a bid of £15.67 per share.

Had the bid been close, there was speculation that Sky might have recommended the Fox offer to shareholders. But that was not the case, and Sky’s independent committee, which includes Darroch and other senior executives, has backed the Comcast offer.

“As the price of the final Comcast offer is materially superior, it is in the best interests of all Sky shareholders to accept the Comcast offer,” the board said in a statement Saturday night. “Accordingly, the independent committee unanimously recommends that Sky shareholders accept the Comcast offer, and in order to ensure the successful closing of the Comcast offer, urges shareholders to accept immediately.”

Darroch, who is a well-regarded CEO, said that Comcast CEO Brian Roberts and his team “have built a great business and we are looking forward to bringing our two companies together for the benefit of our customers and colleagues. As part of a broader Comcast, we believe we will be able to continue to grow and strengthen our position as Europe’s leading direct to consumer media company.

“Today’s outcome is down to the hard work of tens of thousands of people who have built and developed this business together over the last 30 years. Sky has never stood still, and with Comcast our momentum will only increase.”

Darroch’s own future as boss of Sky is now unclear. He has led the business through a sustained period of growth, but may make way when Comcast takes control.

For the U.S. cable giant, which entered the fray for Sky last February, adding the pay-TV service gives it a major new source of income, boosting its international revenues from 9% of the company’s overall takings to 25%.

“This is a great day for Comcast,” Roberts said. “Sky is a wonderful company with a great platform, tremendous brand, and accomplished management team. This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.

“We couldn’t be more excited by the opportunities in front of us. We now encourage Sky shareholders to accept our offer, which we look forward to completing before the end of October 2018.”

More TV

  • Florence and the Machine

    Florence & the Machine Premiere New Song on 'Game of Thrones'

    [pmc=related] If the voice singing the song during the end credits of “Game of Thrones” tonight sounded familiar — or unmistakable — yes, it was Florence + the Machine. The group’s version of the original “Game of Thrones” song “Jenny of Oldstones” debuted during the closing credits of this season’s second episode, following a rendition [...]

  • Game of Thrones Fan Theories

    Best Fan Theories for the Final Season of 'Game of Thrones'

    After eight seasons, “Game of Thrones” fans will finally see if their long-held theories will pay off. Dozens of important characters and a complex plot have made diehard viewers try to foresee plot twists for years. With the original R+L=J theory confirmed, meaning that Rhaegar Targaryen and Lyanna Stark were the real parents of Jon [...]

  • Abigail Disney on Bob Iger

    Abigail Disney Calls Bob Iger's $65 Million Compensation 'Insane'

    Disney chairman-CEO Bob Iger’s total compensation for Disney’s fiscal 2018 was a whopping $65.6 million. Abigail Disney, the granddaughter of Disney co-founder Roy Disney, calls that sum “insane.”  While speaking at the Fast Company Impact Council, the filmmaker and philanthropist insisted that this level of corporate payout has a “corrosive effect on society.” Disney took [...]

  • Tryion Lannister Game of Thrones Episode

    'Game of Thrones' Season 8 Episode 2 Leaks

    The second episode of “Game of Thrones'” final season has leaked online ahead of its Sunday night debut. Fear not, “Thrones” fans: though the internet is dark and full of spoilers, this post is free of any details from Season 8 episode 2. Rumblings of a leak began on the “Game of Thrones” Reddit and [...]

  • Contract Placeholder Business WGA ATA Agent

    Signs of Solidarity and Strain Emerge as Week 2 of WGA-Talent Agency Standoff Begins

    Hundreds of WGA members rallied solidly behind their union last week as the industry grappled with uncertainties spurred by the sudden break between writers and their talent agency representatives. But as the standoff heads into its second week, signs of strain among some WGA members are beginning to emerge. Shalom Auslander, author and creator of [...]

  • Jon Snow Arya Stark Game of

    'Game of Thrones' Final Season Vegas Odds Reveal Wild Theories

    With “Game of Thrones” hype at an all-time high, Las Vegas may be raking in as much money as the Iron Bank. HBO’s fantasy masterpiece has seized the gambling world’s attention nearly as much as the Super Bowl or Kentucky Derby. Fans spew countless theories on social media, such as which characters will be axed [...]

More From Our Brands

Access exclusive content