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Analyst to Comcast: ‘We fear that Sky will be an albatross.’

September 24, 2018
Comcast Corp. won the bidding for Sky with a $40 billion in cash. Wall Street wasn’t happy on Monday.

By Staff

Comcast Corp. stock got hammered on Monday morning — down between 6.5 and 7 percent while the broader market was down around a 0.5 percent — on big investor concerns that the U.S. cable giant overpaid for the Europe’s Sky television and internet service on Saturday.

Comcast won the sealed bid auction for Sky on Saturday in London with a $40 billion cash offer — or $50 billion, with Sky’s debt, beating a competing bid by 21st Century Fox/Walt Disney Co.

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