“Rubbish” says Comcast on BSkyB bid rumour
The New York Times reported June 8 that Comcast – still digesting its giant purchase of NBC – is now looking for another meal, and has BSkyB in its sights. Despite a very firm denial from Comcast’s CFO Michael Angelakis, who stated that the report was total speculation and inaccurate, the bid rumour sent BSkyB’s share price rocketing up on Friday by 15p to £6.96.
However, even at £7 a share, BSkyB’s share price is well down on its recent £8.50 peak (at the height of the News Corp $12 billion bid for the Sky shares it did not own).
There are not too many Comcasts around with a spare $12 billion – $18 billion in their bank accounts and likely to make a bid for BSkyB, nevertheless there are also some who might think – like Rupert Murdoch – that BSkyB’s future is particularly rosy, and thus at £7 a share, a cheap investment.