Sky executives 'set for sale windfall'

According to reports, staff could receive £350 million in bonuses from expected takeover
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Staff at Sky are reportedly in line to receive £350 million in bonuses from the on-going battle to buy the broadcaster.

City AM suggests around 700 executives and senior managers are part of a bonus scheme which has been boosted by the on-going saga over both 21st Century Fox's attempt to gain overall control of the company and Comcast's bid to buy it.

The paper says Comcast's bid of £22 billion for Sky means members of the bonus scheme could receive about 28 million shares worth around £350 million, an average pay out of £500,000.

A spokesperson for Sky said: "We are proud that we have built Sky, a European company, to become globally recognised as an outstanding business in our industry. Our customers, shareholders and employees have and continue to benefit from its ongoing success and sustained delivery.”

Culture minister Matt Hancock is expected this week to give his approval to Fox’s plans to preserve the editorial independence of Sky News should it submit the winning bid.

In May, Hancock gave his approval for the Comcast bid for Sky, saying he was "not minded" to intervene.

Meanwhile, the Fox board will meet on Wednesday to consider Comcast's separate bid for its assets, which include Sky.

The meeting had already been planned before Comcast made its bid official.

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