More specifically, Comcast won a three-round auction for Sky over the weekend with a final offer of £17.28 ($22.67) per share, representing an enterprise value of just over $40 billion.
It's not unusual to see shares of acquirers fall on the heels of such a large acquisition. Investors must grapple with concerns over not only whether Comcast overpaid for Sky, but also the impending challenges in securing the approval of shareholders and regulators, as well as navigating the subsequent integration of two enormous businesses.
Still, both companies are (unsurprisingly) pleased.
"Sky is a wonderful company with a great platform, tremendous brand, and accomplished management team," Comcast CEO Brian Roberts said. "This acquisition will allow us to quickly, efficiently, and meaningfully increase our customer base and expand internationally."
Sky, for its part, noted that Comcast's final offer was "materially superior" to all others, and urged shareholders to accept immediately.
To that end, Sky shareholders have until Oct. 11 to accept the bid. With Sky shares closing up 9% today and within a few pennies of Comcast's price, it seems the market believes there's little reason that won't happen.