In January, the competition regulator said in its provisional findings the Fox offer would not operate against the public interest in terms of either Fox or Sky having a genuine commitment to United Kingdom broadcasting standards. We take a closer look.
Robey Warshaw, a small boutique firm which has worked on some of Britain's biggest deals, Evercore and Bank of America Merrill Lynch are advising Comcast. Since the announcement, the market value for his company has jumped to $39.58 per share (Up 0.20%). It also owns the broadcast TV network NBC and Universal Pictures. It also owns the Universal Parks and Resorts. He pitched the Sky deal the way the company pitched its mega-acquisitions for NBCUniversal and Time Warner Cable, stressing the public benefits.
Not all analysts believe Disney will want to fight for Sky.
"Unless Fox comes back with a raised counterbid, then the rational solution [for shareholders] is to accept the Comcast bid", Whittaker said. Think of streaming services like Netflix and Amazon.
"Our strong market positions are complementary with Sky's leadership in Europe enhancing our preeminent position in the U.S.", Comcast's Roberts said. "Adding Sky to the Comcast family of businesses will increase our worldwide revenues from 9 percent to 25 percent of company revenues".
Comcast's offer is the latest in a frenzied period of media giants attempting to buy one another, as traditional television and film companies face growing competition with tech giants. But U.K. regulator have feared what he would do with that media concentration, especially because his media companies and newspapers have been plagued by scandals.
What would a takeover mean for Sky? .
The deal is about the size of Comcast's transaction for NBCUniversal in 2011 and would rip Sky out of the hands of Murdoch, whose 21st Century Fox has made a competing bid to purchase the share of Sky that he doesn't already own.
However, Fox has been trying to mollify competition concerns.
Unlike the offer from 21st Century Fox, Comcast does not predict any issues with media plurality.
Part of what makes Sky attractive to US companies wishing to expand in Europe is that it is an established brand across several countries in the region, where people are often used to paying monthly fees for pay TV.
At this point, anything could still happen.
The shares had been trading above the asking price since Sky this month agreed to pay less than expected for Premier League soccer rights, likely boosting its future earnings and prompting investors to demand a higher offer. That exceeds the £10.75 offered by Fox for the 61% stake it doesn't already own in the European broadcaster by about 16%.
Tulchan's founder Andrew Grant and partners Tom Murray, James Macey-White and Graeme Wilson work Comcast's Sky bid.
Anti-trust clearance will be required from both the European Commission and individual national authorities.