Fox plans to sell entire Sky stake to Comcast for about $15.3 billion
Shares of 21st Century Fox Inc. FOXA, +0.71% rose 0.6% in morning trade Wednesday, after the cable, TV and film company said it plans to sell its entire stake Sky PLC SKY, +0.12% to Comcast Corp. CMCSA, +0.34% for the equivalent of about $15.3 billion. Comcast won an auction earlier this week to buy U.K.-based Sky for 17.28 British pounds per share, or about $22.76 at current exchange rates. Fox said it intends to sell its 672,783,139 Sky shares for 17.28 pounds per share. "In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF’s existing 39% holding in Sky to Comcast. We congratulate Comcast on their pending acquisition," Fox said in a statement. Walt Disney Co.’s stock DIS, +1.06% gained 0.9% in morning trade, while Comcast shares tacked on 0.5%. Year to date, Fox shares have run up 32% while the S&P 500 SPX, +0.20% has gained 9.2%.
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
Source: Read Full Article