Winning Sky Is Just the Start for Disney or Comcast

By Anonymous

Whoever buys the European pay-TV leader faces a big management challenge as the box goes digital

This weekend’s auction for Sky is the start of an acutely sensitive management challenge, not the end.

Whichever U.S. media giant—21st Century Fox, backed by Disney, or Comcast—prevails in the final battle for the European pay-TV leader will end up paying a high price. Sky stock currently trades for £15.80, more than double the level before Fox’s first bid, 7% above Comcast’s latest £14.75 offer, and equivalent to 22 times prospective earnings.