Comcast (NASDAQ: CMCSA) has beat Rupert Murdoch’s Fox (NASDAQ: FOXA) bid for broadcaster Sky.
The US cable giant submitted the highest bid for the group, valuing it at over £30 billion.
In an official statement, Sky advised shareholders to accept the offer.
“As the price of the Comcast Offer is materially superior, it is in the best interests of all Sky shareholders to accept the Comcast Offer,” said Sky.
“Accordingly, the Independent Committee unanimously recommends that Sky shareholders accept the Comcast Offer, and in order to ensure the successful closing of the Comcast Offer, and given the possibility of a delisting of Sky in the near future, urges shareholders to accept immediately.”
Comcast’s bid was equal to £17.28 per share, higher than Fox’s of £15.67 per share.
Brian Roberts, the chairman and chief executive of Comcast, said: “Sky is a wonderful company with a great platform, tremendous brand, and accomplished management team.”
“This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.”
“We now encourage Sky shareholders to accept our offer, which we look forward to completing before the end of October 2018,” he added.
The deadline for Sky shareholders to accept the bid is October 11.
Jeremy Darroch, Sky chief executive, said it was the “beginning of the next exciting chapter for Sky. As part of a broader Comcast we believe we will be able to continue to grow and strengthen our position as Europe’s leading direct to consumer media company.”
Shares in Sky jumped nine percent to £17.22 in Monday’s early trading.
Shares in Sky (LON: SKY) are currently trading up 8.74 percent at £17.23 (1001GMT).