Fox selling stake in Sky to Comcast

Fox selling stake in Sky to Comcast
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21st Century Fox announced Wednesday it plans to sell its remaining stake in European broadcaster Sky, tying off a final loose end in Comcast's acquisition of the broadcast giant.

21st Century Fox, which earlier this year had many of its assets purchased by Walt Disney Co., said in a statement that it and Disney opted to sell its 39 percent holding in Sky, giving Comcast full control of the company.

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"We are grateful to our exceptional colleagues at Sky for creating this unique and outstanding company and wish them continued success," 21st Century Fox said in a statement.

Comcast beat out Fox in a long-running bidding war for control of Sky earlier this week with a $40 billion offer.

Comcast bid $22.60 per share to acquire Sky, which is among Europe's largest pay-television services and features popular programming such as English Premier League soccer. Reuters reported that Fox bid $20.49 per share. 

Comcast CEO Brian Roberts said in a statement that he expects the acquisition to be completed by the end of October.

Once finalized, Comcast, which owns the NBC network and Universal Pictures, would become the world’s largest pay-TV operator, with around 52 million customers, Reuters reported.