21st Century Fox has agreed to sell its 39% stake in European media giant Sky to Comcast. The deal values the minority share in Sky at the same £17.28/share price Comcast offered for the other 61%.
After Fox lost the auction for majority control of Sky, they were resigned to selling their minority share. Disney showed their support in letting Fox release their shares for the $15.23 billion price tag.
Here’s what Disney had to say about the announcement of the sale:
“The transaction, coupled with the divestiture of the Fox Sports Regional Networks, will significantly reduce the amount of debt Disney will incur in acquiring 21st Century Fox, and enable Disney to maintain its strong balance sheet as it continues to invest in content creation for its direct-to-consumer platforms”