21st Century Fox’s Rupert Murdoch has announced that he will sell his 39% stake in Sky to American telecommunications company, Comcast. The global media mogul has had the controlling stake at Sky for almost three decades.
Comcast announced the purchase of the stake – which will cost them in excess of £12bn – following a lengthy bidding war with fellow American firm, Walt Disney Co.
Earlier this year, Fox seemed to be in the market to increase their stake in the company, however, due to Comcast’s offer, they are now focusing their efforts on other outlets within the company.
The ongoing battle for Sky was part of a larger structural plan by 21st Century Fox, as Murdoch had announced plans to sell some of the company’s entertainment assets. Earlier this year, Murdoch sold the company’s film studio to Walt Disney Co.
Following the announcement, Sky’s Chief Executive Jeremy Darroch said: “Nearly 30 years ago Rupert Murdoch took a risk to launch Sky and in the process changed the way we watch television forever. With 21CF announcing its intention to sell its shares to Comcast we close one chapter while simultaneously opening another.”