Sky’s paid subscription base of 23 million and lucrative rights to English Premier League football make it one of Europe’s most profitable and powerful TV companies. (Ben STANSALL)

London (AFP) – European TV operator Sky has urged its shareholders to accept a takeover offer from US cable giant Comcast that could reshape the global media landscape.

Comcast outbid Rupert Murdoch’s 21st Century Fox in a rare blind auction Saturday that culminated an epic two-year battle for Europe’s biggest pay-TV provider.

Britain’s takeover regulator said the secret process ended with Comcast valuing Sky at £30.4 billion ($39.7 billion, 33.8 billion euros).

Fox’s highest offer was £27.6 billion.

Sky shareholders have until October 11 to decide which bid to accept.

Chief executive Jeremy Darroch said he was looking forward to a merger with America’s largest cable company after the deal was recommended by Sky’s independent directors.

“As part of a broader Comcast we believe we will be able to continue to grow and strengthen our position as Europe’s leading direct-to-consumer media company,” Darroch said late Saturday.

“We are looking forward to bringing our two companies together for the benefit of our customers and colleagues.”

Sky’s independent directors sit on a special board that excludes Murdoch’s representatives because of his direct involvement in the auction.

The global media tycoon already has a 39 percent stake in Sky and had sought to realise his decade-long dream of taking over the entire stake.

Sky’s approval of the Comcast deal may force the 87-year-old to sell his remaining stake in the company he founded in 1989 and which has since transformed how Britons view television.

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Sky’s paid subscription base of 23 million, and lucrative rights to English Premier League football, make it one of Europe’s most profitable and powerful TV companies.

Comcast viewed Sky as a way to win a foothold in Europe and end its sole dependence on the United States at a time when Americans are switching to online streaming.

It also highly valued Sky’s digital operations and the potential for taking on the likes of Netflix and Amazon.

The fight for the British company managed to alter how Americans get to watch their broadcasts and movies.

Comcast was forced to drop a bid to take over Fox itself because it needed the money to go after Sky. This allowed Walt Disney Co. to complete a mega-merger with Fox that should close next year.

Saturday’s auction thus turned into a proxy battle between Comcast and Disney for Sky.

The emerging alliances mean the coming years might be dominated by offerings from two traditional sources: Disney-Fox and Comcast-Sky.

Comcast’s holdings already include Universal Studios and the US television channels NBC and CNBC.

Disney’s empire stretches from its film studio and theme parks to the US television network ABC and the various ESPN sport channels.

But the Disney-Fox deal must clear more regulatory hurdles while Sky’s shareholders could potentially vote to accept the smaller offer from Murdoch’s team.

This is not thought likely and CNBC reported that its owner Comcast was “expected” to begin talks regarding the purchase of Disney’s stake in Fox.

Sky ended the day Friday trading at £15.85 — below Comcast’s Saturday offer price of £17.28 per share.

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