Sky shares rally after Comcast wins bidding war

Pot of Gold

Pot of Gold

PJT Partners Inc., Robey Warshaw LLP, Evercore Inc. and Centerview Partners are the small advisory shops that worked on the battle between Comcast Corp. and Twenty-First Century Fox Inc. for control of Sky.

The rare auction was organized by Britain's Takeover Panel after months of offers and counteroffers from Comcast and 21st Century Fox as the USA media companies sought a foothold in Europe. "The bold £17.28 bid highlights the potential for a strategic alignment between two pay TV giants with similar expansion ambitions and diversified asset investments in content ownership and distribution - Sky's 119 TV networks in Europe and Comcast's NBCUniversal Media LLC ownership - as well as technology including virtual reality, IP distribution, next-generation advertising and over-the-top video".

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Fox, backed by Disney, already owns 39pc of Sky and offered £15.67 per share, to value the total group at £27.6bn.

Philadelphia-based Comcast said it hoped to complete the takeover by the end of October. Robey Warshaw, Evercore, Bank of America Corp. and Wells Fargo & Co. were to split up to 37.8 million pounds for their work on behalf of the USA cable operator, according to that same proposal.

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