9th Oct 2018 16:14
LONDON (Alliance News) - Comcast Corp said Tuesday it has completed the acquisition of Sky PLC shares from Twenty-First Century Fox Inc and its mandatory offer has now been satisfied, meaning Sky will de-list from London's Main Market on November 7.
As of Tuesday, Comcast holds an interest in more than 75% of Sky's issued share capital.
Comcast has received valid acceptances of the mandatory offer in respect of a total of 44.2 million Sky shares, representing 2.6% of the company. Each member of Sky's independent committee have accepted the mandatory offer, representing 0.1% of Sky.
The US media giant has also acquired 648.6 million Sky shares from investors, representing 38% of the total issued share capital, and acquired all of Fox's 672.8 million shares, representing 39%.
As a result, Comcast holds, in aggregate, 1.32 billion shares - representing about 77%.
Sky Chief Executive Officer Jeremy Darroch said: "Comcast have committed to investment in Sky, including our Osterley and European headquarters and we very much look forward to working with Brian and the Comcast team to achieve further growth and development of Sky's business.
"Separately, Sky News will benefit greatly from Comcast's funding commitments over the coming years and the arrangements that will be put in place to preserve and enhance its editorial independence."
Following completion of the offer Sky Independent committee members James Murdoch, John Nallen, Chase Carey, Martin Gilbert, Andy Sukawaty, Tracy Clarke and Katrin Wehr-Seiter have all resigned from Sky's board.