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Sky advises shareholders to accept Comcast offer “immediately”

Comcast CEO stresses broadcaster will remain independent

Sky has recommended its shareholders accept Comcast’s offer of £17.28 per share “immediately”.

In a letter to shareholders, the broadcaster said: “As the price of the Comcast Offer is materially superior, it is in the best interests of all Sky shareholders to accept the Comcast Offer.”

“Accordingly, the Independent Committee unanimously recommends that Sky shareholders accept the Comcast Offer, and in order to ensure the successful closing of the Comcast Offer, and given the possibility of a delisting of Sky in the near future, urges shareholders to accept immediately.”

Sky’s board and shareholders have to decide whether to accept the offer by October 11.

Comcast must secure 50 per cent acceptance for the deal to go through.

Meanwhile, Comcast chief executive Brian Roberts has told the FT that he wants to maintain Sky’s independence: “The consistent theme at Comcast has been letting leaders of our businesses make their own decisions, being decentralised and keeping an entrepreneurial spirit,” he said. 

“We’ve said this to Jeremy [Darroch, Sky’s chief executive] and the rest of the Sky team…They will be able to act as an independent company but with the resources of a $150 billion company behind them.”