Murdoch's Fox trumps Comcast with agreed $32.5 billion bid for Sky

Disney Fox Deal Faces Lawsuit From Fox Shareholder

Disney Fox Deal Faces Lawsuit From Fox Shareholder

Rupert Murdoch's 21st Century Fox has kicked off a potential bidding war with United States entertainment giant Comcast after making a new offer for the 59pc of Sky it does not already own that values the UK-based broadcaster at £24.5bn. Comcast's sweetened offer values Sky at £26 billion, or about $34 billion.

Comcast said its cash offer has been recommended by Sky's independent committee of directors.

Comcast made a new bid late Wednesday for the British broadcaster.

Fox has faced several months of regulatory scrutiny to obtain approval for its $24.7 billion bid for the 61% of Sky it doesn't already own.

The Wall Street Journal reported last month that Comcast was exploring tie-ups with other companies or private equity investors for its bid for the Fox assets.

This all part of the ongoing battle for Fox's entertainment assets. gets more complicated as the days go on.

Sky shares traded at £14.90 as of 9:55 am in London.

Sky operates in Austria, Germany, Ireland and Italy as well as the U.K. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and "Game of Thrones". The European pay-TV company has become a pawn in a wider contest between Comcast and Walt Disney (dis) for the bulk of Murdoch's media empire, as each seeks scale to take on streaming competitors like Netflix.

"As the founding shareholder of Sky, we have remained deeply committed to bringing these two organizations together to create a world-class business positioned to deliver the very best entertainment experiences well into the future", Fox said in a statement.

However, British regulators have indicated that if Disney succeeds in buying Fox, including the 39 percent stake in Sky, it would be required to offer the same price for the remainder of Sky. The 39% stake in Sky now owned by Fox is part of that larger prize, and both Comcast and Disney see the pan-European pay-TV company as one of the most valuable elements of the deal.

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