Comcast completes deal to become majority shareholder of Sky

Oct. 9 (UPI) -- Comcast announced Tuesday that it completed its acquisition of 21st Century Fox's shares in British broadcaster Sky.

The Pennsylvania-based communications company issued a statement, saying its offer for Sky has become unconditional and that Comcast is now the majority owner of Sky, holding more than 75 percent of its issued ordinary share capital.

"We are pleased today to be the majority owner of Sky. Led by Jeremy Darroch and his superb team -- now together with Comcast -- our combined global leadership in technology and content paves the way for us to accelerate investment and growth in Sky's brand and premier platforms," Comcast CEO Brian L. Roberts said. "We are also fully committed to ensuring Sky News' future, maintaining its editorial independence, and preserving its strong track record for trusted, high quality, impartial news."

Darroch, CEO of Sky, said the network will improve following the acquisition.

"Comcast have committed to investment in Sky, including our Osterley and European headquarters and we very much look forward to working with Brian and the Comcast team to achieve further growth and development of Sky's business. Separately, Sky News will benefit greatly from Comcast's funding commitments over the coming years and the arrangements that will be put in place to preserve and enhance its editorial independence," he said.

In September, Comcast agreed to pay $15 billion for 39 percent of Sky after winning control of 21st Century Fox's shares in the network in a rare auction.