UK Takeover Panel sets £14 floor under Sky shares

The Comcast NBC logo is shown on a building in Los Angeles California

Additionally, Comcast has announced that its increased superior cash offer has been recommended by the Sky Independent Committee of Directors.

The bidding war for Sky Plc has gotten hotter with Comcast topping the higher offer from the Murdoch family's 21st Century Fox.

Overall, while it seems everybody sells TV and movie content to Netflix, it doesn't look like it will last forever, especially now with Disney looking to pulling out some of its movie content.

Fox initially went after Sky in December 2016, offering 10.75 pounds per share, but was held up over concerns that the tie-up would give Murdoch too much influence over Britain's media.

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"And because Murdoch and Disney are determined to take control of Sky, they will have to reach an agreement with Comcast in relation to other Fox assets". Comcast said the offer values Sky on a price to earnings multiple of 22.9 times 2017 earnings.

"There are opportunities in Europe we should be focused on and of course there is always the opportunity of just buying our stock back", he said. Disney has also shown a large interest and, late past year reached an agreement to purchase the bulk of Twenty-First Century Fox's media empire - which includes its 39% stake in Sky.

And earlier this year, Disney created a direct-to-consumer and global unit.

The Government has already separately cleared Comcast's bid for Sky.

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For now, investors are waiting to see what Mr. Murdoch will do next. Its bid would let it acquire the remaining 61 per cent of the company, and that business would eventually go to Disney - assuming that transaction also is completed. He's appealing a decision to approve AT&T Inc.'s acquisition of Time Warner Inc. - a move that could bear relevance to Comcast. "That said, Comcast remains committed to its investment grade status (currently single-A), and given rating agency commentary, we believe it will likely need to be around ~3.5x after Year 2 with a path for further de-leveraging for a BBB rating", wrote Gregory Williams, analyst, Cowen Equity Research.

The move is the latest twist in an global M&A tussle that also includes Walt Disney Co.

Fox already owns a minority stake in Sky. But Roberts has to decide whether to top Disney's bid for the Fox assets before Fox shareholders vote on Disney's offer. Fox recently accepted Disney's $71 billion offer.

Given that the 39% stake - deemed a controlling shareholding - would be transferred to a new owner, rules stipulate that the new owner must offer the minority investors an opportunity to exit by buying out their shares. They've been enforcing what's known as the chain principle, which mandates a full takeover bid for a company if a buyer acquires more than 30 percent of its shares, even if those shares are acquired as part of a larger deal.

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Against the best teams, we have come up short". "In the end we are very proud of what we've done". Southgate reiterated comments he made on Friday that England should not get carried away.

Comcast and Walt Disney are locked in a separate $70 billion-plus battle to buy most of Fox's assets, which would include Sky.

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