Comcast enters Sky bidding contest with £22bn offer

Comcast has today made a formal bid for Sky in a move that threatens Rupert Murdoch’s attempts to take full control of the pay-TV broadcaster.

The US cable giant Comcast, which values Sky at £12.50 a share, has offered £22bn. However, Murdoch and his 21st Century Fox business had already agreed pay £19bn for the remaining 61% stake it does not already own.

Fox submitted a bid to take full control at the end of 2016, however the deal has since been hampered by a string of regulatory issues.

“We are delighted to be formalising our offer for Sky today,” said Comcast chief executive Brian Roberts.

“We have long believed Sky is an outstanding company and a great fit with Comcast. Sky has a strong business, excellent customer loyalty, and a valued brand. It is led by a terrific management team who we look forward to working with to build and grow this business.”

Comcast said it would abide with legally-binding commitments over the fate of Sky News, and would keep the business’s headquarters in London for at least five years.

In a statement, Sky said the voluntary commitments offered by Comcast “should comprehensively address any potential public interest concerns”.

A US multinational media and telecommunications giant, Comcast offers internet and phone services and owns NBC Universal Universal Pictures.