What happened

Class A shares of Comcast Corporation (NASDAQ:CMCSA) fell 6% on Monday after the media giant outbid Twenty-First Century Fox (NASDAQ:FOX) to acquire British broadcasting company Sky (LSE: SKY).

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. 

Woman drawing an image on a wall of a large yellow fish eating a smaller fish.

Image source: Getty Images.

So what

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.

Now what

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.