Investors are not breaking out the bubbly over Comcast’s triumphant £30.6bn bid for Sky over the weekend.

Shares in the US cable TV company were down 8.2 per cent in early Monday trade as Wall Street took a dim view of the eye-watering price the company is paying to increase its reach in Europe.

While the addition of Sky and its 23m customers should help Comcast bolster its defence against streaming services from the likes of Netflix and Amazon, the company, which already owns NBC and Universal Pictures, will also be taking on more debt to fund the all-cash offer.

Comcast’s £17.28 a share bid beat a rival £15.67 a share bid from Fox, which was backed by Walt Disney. Comcast’s offer also represents a more than 100 per cent increase on where Sky shares were trading at before Fox’s initial approach in December 2016.

Sky shares by contrast were up 8.6 per cent at £17.21 while those for Fox rose 1.1 per cent.

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