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Tuesday, Oct 3, 2023

Report: Disney Eyes JPMorgan to Bid for Sky

The Walt Disney Co. reportedly is considering hiring JPMorgan Chase & Co. as an adviser to acquire British broadcaster Sky, according to Fox Business Network’s Charles Gasparino. An offer from Burbank-based Disney would counter Comcast’s $31 billion bid for Sky, which Comcast made in February. Comcast’s offer has complicated Disney’s $52 billion agreement to buy a majority of 21st Century Fox assets, including its 39 percent stake in Sky. Disney could be looking to acquire Sky outright to expedite its deal with Fox and keep an important asset out of the hands of a competitor in Comcast. Many believe an offer by Disney would escalate into a bidding war between the two media behemoths. Sky is one of Europe’s largest satellite TV providers with more than 23 million customers in seven countries including the U.K., Germany and Spain. In addition to satellite TV, Sky also offers cable and broadband services as well as its own original programming and sports packages. Shares of Disney fell 64 cents, or a fraction of 1 percent, to close at $99.20 Friday on the New York Stock Exchange.

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