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“Sky is a remarkable story and we are proud to have played such a significant role in building the incredible value reflected today in Comcast’s offer,” Fox said. Fox’s holding, which Comcast’s offer values at more than $15 billion, stems from Murdoch’s role in the creation of the company nearly three decades ago. His younger son James was pivotal in building Sky into Europe’s leading pay-TV operator as its former chief executive and current chairman. Comcast, which requires 50 percent plus one share of Sky’s equity to win control, said it was also seeking to buy Sky shares in the market.
One fund manager who holds Sky shares said nobody could complain about the Comcast price, “The question now is if Fox actually sells out and if not can Comcast get to 50 percent,” he said, One banker involved in the auction said: “Did Comcast pay a lot more than they needed to?”, Sources familiar with the matter said Fox, Disney and Comcast had not been in discussions about the 39 percent stake, The auction was a dramatic climax to a transatlantic bidding battle waged since shirt cufflinks February, when Comcast gate-crashed Fox’s takeover of Sky..
It is a blow to 87-year-old Murdoch, who tried to buy Sky eight years ago only for the bid to collapse in the fallout from a phone-hacking scandal at his British newspaper business. Some politicians have opposed a deal, citing concerns about the influence Murdoch would wield over the UK’s news agenda. Fox made a string of concessions to assuage those worries and land a company that serves 23 million households in Britain, Ireland, Germany, Austria and Italy. Sky’s chief executive Jeremy Darroch said Comcast’s victory was the beginning of a new chapter. “Sky has never stood still, and with Comcast our momentum will only increase,” he said.
WASHINGTON (Reuters) - The U.S, airline industry scored a win on Saturday as bipartisan congressional legislation dropped plans to mandate “reasonable and proportional” shirt cufflinks baggage and change fees, but included other new passenger protections, After weeks of negotiations, a 1,200-page bill to reauthorize the Federal Aviation Administration (FAA) was unveiled early Saturday that would require the FAA to set minimum dimensions for passenger seats — including legroom and width — and prohibits airlines from involuntarily removing passengers from flights after they’ve cleared the boarding gate..
In April 2017, video went viral on social media of 69-year-old passenger David Dao being dragged from a United Airlines (UAL.O) flight at Chicago’s O’Hare International Airport after he refused to give up his seat to make room for crew members. United apologized and promised not to remove seated passengers to make room for other passengers. But airlines had heavily lobbied against new rules limiting fees. U.S. airlines revenue from baggage and reservation change fees increased from $5.7 billion in 2010 to $7.5 billion in 2017. Other fees are not reported to regulators.
The compromise bill did not include language adopted by a Senate Committee in 2017 that would have required the reasonable fee rules, It was struck in a compromise unveiled by Senate Commerce Committee Republican chairman John Thune and House Transportation and Infrastructure Committee chairman Bill Shuster, shirt cufflinks a Republican, along with the top Democrats on the two committees Senator Bill Nelson and Representative Peter DeFazio, Congress is set to vote on the measure next week ahead of a September 30 deadline..
American Airlines Group Inc (AAL.O) became the latest major airline on Thursday to hike checked bag prices by $5 for the first bag to $30, joining Delta Air Lines Inc (DAL.N), United and JetBlue Airways Corp (JBLU.O). Airlines for America, an airline trade group, has said the fee provision would result in “government-mandated price controls” and should be rejected and the Trump administration also strongly opposed the provision. The bill also requires the U.S. Transportation Department to set new rules authorizing commercial drone deliveries and gives the Justice Department and Homeland Security Department new authority to disable or destroy drones if they pose a threat to government facilities after the Trump administration warned it did not have the legal authority it needed to address threats.
Under the bill, airlines must refund passengers for services they paid for but did not receive and will enshrine in law a prohibition on passengers making mobile phone calls while in flight or using e-cigarettes, The bill requires airlines to allow passengers to check strollers if they are traveling with shirt cufflinks a small child and require regulators to determine if it is unfair or deceptive for airlines to tell passengers “that a flight is delayed or canceled due to weather alone when other factors are involved.”..