Comcast has announced it’s now the majority shareholder in Sky after finalising the £29.7 billion transaction.
The US cablenet announced Tuesday it has now completed the acquisition of the UK broadcaster, its statement emphasising a commitment to Sky News, which had been a key factor in earlier discussions of media plurality led by UK regulators.
Brian L. Roberts, Chairman and CEO of Comcast Corporation, said: “We are pleased today to be the majority owner of Sky. Led by Jeremy Darroch and his superb team — now together with Comcast – our combined global leadership in technology and content paves the way for us to accelerate investment and growth in Sky’s brand and premier platforms. We are also fully committed to ensuring Sky News’ future, maintaining its editorial independence, and preserving its strong track record for trusted, high quality, impartial news.”
In the wake of the announcement James Murdoch has resigned as Sky’s chairman.
Six other directors have also stood down from the broadcaster.
“Comcast have committed to investment in Sky, including our Osterley and European headquarters and we very much look forward to working with Brian and the Comcast team to achieve further growth and development of Sky’s business,” Jeremy Darroch, Group Chief Executive Officer of Sky plc, said. “Separately, Sky News will benefit greatly from Comcast’s funding commitments over the coming years and the arrangements that will be put in place to preserve and enhance its editorial independence.”
Comcast now owns 75 per cent of Sky’s share capital.
