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Sky Soars Toward Comcast's Winning Offer of $39 Billion for Sky

  • Comcast’s proposal topped a rival Fox-Disney bid by 10 percent
  • Cable giant is buying Sky to expand footprint into Europe
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Comcast's Sky Bid

Sky Plc shares jumped as much as 8.7 percent in London, gracing the per-share offer from Comcast Corp. that beat a competitor to acquire the British broadcaster with a knockout $39 billion bid.

Sky traded at 17.22 pounds as of 8:18 a.m. in London, just shy of the 17.28 pound per-share offer from Comcast, signaling investor optimism with the bid. Comcast trumped by 10 percent a rival proposal from 21st Century Fox Inc., backed by Walt Disney Co., in a Saturday auction overseen by U.K. regulators. That all but assures that investors in London-based Sky will tender their shares to the Philadelphia-based cable carrier.