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Disney makes offer for Sky News

2018-04-03 16:16 by
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Walt Disney Co. has offered to buy U.K. media outlet Sky News in an effort to assist 21st Century Fox's bid to acquire the European broadcast giant. Under the proposed new deal, the news channel would become a distinct company within Sky, run by the head of Sky News.

Fox said the proposals would protect Sky News' independence and that Disney has expressed an interest in buying Sky News "whether or not" its own separate proposed acquisition of 21st Century Fox proceeds — Disney is trying to take over many parts of Fox, notably its movie and television studios, which as well as its U.S. sports network.

Fox is facing several obstacles in its attempt to buy out Sky after regulators in the UK said that Fox's $16.4 billion (11.7 billion pounds) offer was not in the public interest.

Selling Sky News to Disney now instead of waiting for the Disney deal to go through is Fox's way of trying to get its acquisition of all of Sky through the CMA. Disney would eventually get 100% of Sky in any event. To further complicate the issue, Comcast Corp. in February made an offer valued at around $30 billion for Sky.

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