Comcast takes Sky: Fox and Disney agree to sell stake in European broadcaster

21st Century Fox announced Wednesday that it would sell its 39% stake in Sky to Comcast, the winner of a dramatic auction for the European broadcaster. Disney, which had backed Fox in the auction, said it had consented to the sale.

"In light of the premium Comcast has agreed to pay for Sky, we and Disney have decided to sell 21CF's existing 39% holding in Sky to Comcast," Fox said in a statement. "We congratulate Comcast on their pending acquisition."

Comcast outbid Fox and Disney on Saturday in a rare auction for most of Sky that was administered by the UK Takeover Panel.

The US media company's final bid was £17.28 ($22.65) per share, valuing Sky at £30.6 billion ($40.1 billion). That was over 25% more than its previous offer of £14.75 ($19.43) per share.