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Comcast is now majority owner of Sky

The gives Comcast a foothold in Europe.

Comcast now owns more than 75 percent of Sky PLC.
Comcast now owns more than 75 percent of Sky PLC.Read moreDreamstime/TNS

Comcast Corp. completed the purchase of 21st Century Fox Inc.'s 39 percent stake in of Sky PLC, giving the Philadelphia cable and media giant ownership of more than 75 percent of the European pay TV company that has 23 million customers in seven countries.

Sky employs 31,000 and had $18.5 billion in revenue last year. Sky's operations are in the U.K., Ireland, Germany, Austria, Italy, Spain, and Switzerland.

"Led by Jeremy Darroch and his superb team — now together with Comcast — our combined global leadership in technology and content paves the way for us to accelerate investment and growth in Sky's brand and premier platforms," Comcast chairman and chief executive Brian Roberts said in a news release Tuesday.

Comcast agreed to pay a total of $40 billion for Sky in an auction last month that pitted Comcast against 21st Century Fox.