21st Century Fox has announced it will sell its stake in Sky to Comcast.
The announcement comes after Comcast won Saturday’s auction for the broadcaster – offering £17.28 per share compared to Fox’s £15.67.
In a statement, Fox said: “In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21st Century Fox’s existing 39 per cent holding in Sky to Comcast.
“We congratulate Comcast on their pending acquisition.”
Fox will receive £11.6 billion for its shareholding.
Sky CEO Jeremy Darroch paid tribute to Fox and Rupert Murdoch. “Nearly 30 years ago, Rupert Murdoch took a risk to launch Sky and in the process changed the way we watch television forever,” he said. “His vision and belief has enabled us to grow in to Europe’s leading direct to consumer media business and I would like to personally thank him, James [Murdoch] and 21CF for their consistent support as shareholders, board members and friends.
“On behalf of all our employees I would also like to thank James for his chairmanship as we have transformed Sky over the past decade. With 21CF announcing its intention to sell its shares to Comcast we close one chapter while simultaneously opening another. Our aim is to make the next 30 years as exciting for customers, colleagues and all our stakeholders.”