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Comcast Is Now Officially The Majority Owner Of UK Broadcaster Sky

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Comcast Is Now Officially The Majority Owner Of UK Broadcaster Sky
The company bought the shares previously owned by 21st Century Fox.
SHOW TRANSCRIPT

Comcast is officially the majority shareholder of European broadcaster Sky. 

Comcast said Tuesday it now controls over 75 percent of Sky's shares after it purchased the 39 percent previously owned by 21st Century Fox. 

Comcast beat Fox in a back and forth bidding war for Sky last month, with a bid of about $40 billion. 

Both Comcast and Fox wanted majority ownership of the U.K. giant to better compete as more Americans switch to streaming sites like Netflix and Amazon. 

It's not a bad plan. Sky is a leader in pay TV, with nearly 23 million subscribers in Europe. The move gives Comcast roughly 55 million subscribers around the globe.