Sky Agrees to be Acquired by Fox Near Our Fair Value Estimate
Fox agreed on Dec. 9 to acquire the 61% of narrow-moat Sky it doesn't already own at GBP 10.75 per share. We believe the offer is a fair price as it is slightly about our fair value estimate of GBP 10.10. We are not surprised with the offer as Sky's stock had fallen below the level at which Fox previously attempted to buy the company in 2011. That attempt was dropped, however, due to a phone hacking scandal at Fox's News of the World newspaper and the following political uproar. Five years later...Sky is an entertainment and communications company, engaged in the operation of pay television broadcasting and home communications services, including the provision of broadband and telephone operations. Co. operates in three segments: UK and Ireland, which is involved in the activities and operations of the pay TV, home communications, mobile and adjacent businesses; Germany and Austria, which is involved in the activities and operations of the pay TV and adjacent businesses; and Italy, which is involved in the activities and operations of the pay TV and adjacent businesses. Co. provides entertainment from live sporting events, drama, U.S. and local shows and blockbuster movies.
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