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Broadcasters set to do battle in unusual auction – but which company will show their hand first?

Fancy bidding for Sky? Get yourself down to Paternoster Square, just behind St Paul’s Cathedral, on Saturday. The auctioneer promises to get the process wrapped up by the evening so, with a bit of luck, you’ll be home in time to watch the Anthony Joshua fight on your newly acquired TV station.

That’s not wholly accurate, of course. For starters, 21st Century Fox and Comcast, who have been slugging it out for months, will be the only bidders allowed in the auction. And, disappointingly, the Takeover Panel will not require Rupert Murdoch from Fox and Brian Roberts from Comcast to turn up in person at its office to catch the auctioneer’s eye. Instead, investment bankers will relay offers via secure phone lines. But it’s a real auction with real deadlines. Three rounds maximum. Cash only. Best price wins, assuming Sky’s board and shareholders then give a thumbs-up, which is highly likely.

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from US news | The Guardian https://ift.tt/2QPEFsX