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    Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live

    This is a discussion on Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live within the Sky news and announcements forums, part of the SkyUser Announcements category; https://www.theguardian.com/business...-business-live Powell’s comments about the strengthening economy etc suggest he may be thinking of more than three rate rises this ...

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      Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live

      https://www.theguardian.com/business...-business-live
      Powell’s comments about the strengthening economy etc suggest he may be thinking of more than three rate rises this year, and the foreign exchange market thinks so, with the dollar gaining ground as he speaks.

      US bond yields are also rising, on the expectation of further interest rate rises.


      4m ago 15:49

      Carolyn Maloney asks, what would cause you to raise rates more than three times this year?

      Powell says at the December meeting, the median projection was three rises. There will be another projection in three weeks at teh next meeting, but since [December] we have seen an increasing strengthening of the economy, inflation is moving to target, there is growth around the globe and fiscal policy has been more accommodative.

      He says, We will be reviewing our projections, [for the next meeting] and I would not want to prejudge it.

      Maloney asks, has the outlook changed in light of the tax reforms and the budget agreement?

      Powell says, my personal outlook has changed since December, we’ll be taking into account everything that’s happened since December.


      8m ago 15:45

      Republican Andy Barr says we have seen a wave of bonuses since tax cuts were announced, and will this increase wages?

      Powell says it is hard to trace through the effects of tax cuts on wages. Lower taxes should lead to higher investment, which should lead to higher productivity, which should lead to higher wages over time.

      Asked about risks of the unconventional monetary policy, Powell plays this down.

      He says the financial sector shows modest risk. There are some high asset prices, but no buildup of leverage among households.


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    3. #2
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      Re: Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live

      Rupert Murdoch's Sky bid challenged by Comcast

      Rupert Murdoch's Sky bid challenged by Comcast - BBC News
      US cable TV giant Comcast has made a £22.1bn bid for Sky, challenging an existing offer from 21st Century Fox.

      Rupert Murdoch’s 21st Century Fox had already agreed an £18.5bn deal to buy the 61% of Sky it does not already own.

      Comcast is the biggest US cable TV firm. It also owns the broadcast TV network NBC and Universal Pictures.

      Comcast chief executive Brian Roberts called Sky "an outstanding company" and said he was "confident" the offer would be cleared by regulators.

      Mr Roberts added: "We would like to own the whole of Sky and we will be looking to acquire over 50% of the Sky shares".

      Comcast said its bid of £12.50 a share was 16% higher than the 21st Century Fox offer.

      Sky's shares were up more than 21% at above £13 in afternoon trading on the London Stock Exchange.


      What is Comcast?


      Comcast is a US multinational media and telecommunications giant.

      Its cable TV business is one of the largest in the US, and Comcast Cable also sells internet and phone services.

      It owns NBCUniversal, which has news, entertainment and sports cable networks such as NBC and CNBC, as well as film giant Universal Pictures.

      Dreamworks Animation, which has made films including Shrek, Madagascar and Kung Fu Panda, is a subsidiary of Universal Pictures.

      Why does Comcast want to buy Sky?


      Analysts from Liberum say there is "a strong rationale" for Comcast to buy Sky as it would give it immediate leading positions in pay-TV markets in the UK, Germany and Italy, as well as a presence in Spain.

      Comcast already has NBC Universal film and TV assets, but the deal "would give it a very powerful distribution pan-European network," Liberum said.

      Earlier this month, Sky won the lion's share of Premier League TV rights for the football seasons between 2019 and 2022.

      Comcast chief financial officer Michael Cavanagh said the Premier League auction was a factor, but not the driving force behind the offer.

      Liberum said the lower price for the Premier League TV rights contract had taken out the risks of price inflation.

      What issues has 21st Century Fox had with its Sky bid?


      Fox's Sky bid has not been viewed favourably by the UK's competition authority, which in January provisionally found that it would not be in the public interest.

      The Competition and Markets Authority (CMA) is concerned that if the deal went through, the Murdoch Family Trust would have too much influence over public opinion and the political agenda.

      However, Fox has been trying to mollify competition concerns.

      Last week, Fox said it would keep Sky News running for at least 10 years, with a fully independent board for the channel, to try to make the proposed deal more attractive to regulators.

      The CMA will send a final report to Culture Secretary Matt Hancock by 1 May, and he will then have 30 working days to make the final decision about whether the deal will go ahead.

      Will the Comcast offer affect Disney's bid for Fox?

      In December last year, Walt Disney agreed to buy the bulk of 21st Century Fox's business, including its 39% Sky stake.

      Neil Wilson from ETX Capital said that after Comcast's own bid for Fox was rejected in favour of the Disney deal, there was every chance "Comcast would spoil Mickey's party".

      "By making a play for Sky now it can get what it wants before Disney gets close - timing is everything and Comcast seems to have played its hand very well so far," he said.

      Stewart Purvis, a board member at Channel 4, said: "We knew Comcast were interested in gate-crashing the [Sky] deal in some form."

      "This simple deal will be attractive to regulators, it will be very attractive to shareholders, it'll force the price up they'll be prepared to pay... but it also potentially derails this whole deal between the Murdochs and Disney, which would be in Comcast's interests.

      "They may be in love with Sky, and they may be prepared to pay a lot of money for Sky, but they've also got their eye on 'How can we disrupt our competitors?'," Mr Purvis said.

      Analysts at Liberum said that if Fox wanted to counterbid for Sky, it would "presumably need approval from Disney" to fund the bid.

      If Disney refused, then Fox would have to find the money itself, "which means it is then looking at a loss if Disney did end up acquiring 100% of Sky".

      Mr Roberts said Comcast was prepared to co-own Sky with either Fox or Disney, as long as Comcast held a majority stake.

      However, Comcast has said it would like to own the whole of Sky.

      How will regulators view the Comcast bid?


      BBC media editor Amol Rajan says Comcast's bid looks unlikely to face the same regulatory hurdles as Fox's push for full control, "since media plurality, commitment to broadcasting standards, and the political heat around the name Murdoch do not arise".

      In making its offer, Comcast said Sky News was "an invaluable part of the UK news landscape", and it intended to "maintain Sky News' existing brand and culture".

      The Liberum analysts said there was a "very good chance" that Comcast's bid would succeed.

      Neither Fox nor Disney will want to get into a bidding war, "especially given the [regulatory] complications surrounding Sky News", they said.

      The UK government may also be looking for a way to defuse the political risks from the Fox bid, they added.

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      Re: Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live

      They have created a great ftth network recently in the US.
      That would be a great win for Sky.
      The Universal and NBC networks that sit under comcast might play havoc with some of Sky current deals though.
      But HBO will be fine

      Also, not sure what Liberty think of this having a cable rival in UK, even though they will not go down the cable route.

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      Re: Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live

      Certainly it's going to be interesting to see how this potential bid goes.

      Both Liberty and Comcast have been fighting over territory in the USA. They know each others tactics over there and I'm sure that the respective marketing teams would love to have a fight over Europe.

      Will it benefit the consumer? It's too early to say. I don't know enough about their busness models to comment.

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      Re: Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live

      comcast love to choke off backhaul to peers to limit bandwidth
      e.g. a backhaul needs 100 gigabit and they leave it at a 1 gigabit link
      if comcast get sky i will be gone like a flash
      speedyrite and chrcol like this.

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      Re: Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live

      Quote Originally Posted by Scubbie View Post
      Certainly it's going to be interesting to see how this potential bid goes.

      Both Liberty and Comcast have been fighting over territory in the USA. They know each others tactics over there and I'm sure that the respective marketing teams would love to have a fight over Europe.

      Will it benefit the consumer? It's too early to say. I don't know enough about their busness models to comment.
      Have many friends and work colleagues in US.
      They all love Comcast. It will be a good move.
      Main thing really sort out this dragging on fox takeover.
      Good chat about it on Sky News today and bloomberg see it as a great move for sky customers.

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      Re: Sky takeover: bidding war predicted as Comcast makes £22bn offer - business live

      Quote Originally Posted by Shonk View Post
      comcast love to choke off backhaul to peers to limit bandwidth
      e.g. a backhaul needs 100 gigabit and they leave it at a 1 gigabit link
      if comcast get sky i will be gone like a flash
      That will be very sad news if that happens.

      I believe that the UK market appears to have a network where the backhaul is actually the same both up & down, but the consumers only get a fraction of the upstream speed.

      Of course as Sky are using the Openreach network for local connections, eople aren't going to notice any local connecton speed changes. It'll be the performance where things could go downhill. It'll all come down to money.

      Quote Originally Posted by lettice View Post
      Have many friends and work colleagues in US.
      They all love Comcast. It will be a good move.
      Main thing really sort out this dragging on fox takeover.
      Good chat about it on Sky News today and bloomberg see it as a great move for sky customers.
      Sky currently has several different products to supply. TV content is one of those. Broadband, mobile, on-line streaming and content via Satellite are most of them. Hopefully whoever does buy Sky, if indeed that is what eventually happens, will work keep what we have as well as improve them.
      speedyrite likes this.

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