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Comcast may have deliberately paid up for Sky to preempt a potential battle with hedge funds
Comcast is offering a stratospheric price for Sky. To justify its bid, Comcast will need to take the Sky streaming platform on a risky offensive across Europe.
In a blind auction organized by the U.K. takeover regulator Saturday, the cable giant agreed to pay £17.28 ($22.60) a share—almost $40 billion in total—for Sky, Europe’s largest pay-TV group. Meanwhile, 21st Century Fox, the other bidder, offered just £15.67, which was below Sky’s closing share price Friday.