After Fox raised its bid by 30% to 14 British pounds per share in cash Wednesday morning, Comcast came with a bid of 14.75 pounds per share after the close of stock trading in New York Wednesday afternoon.
The new Comcast bid values Sky at $34 billion.
Comcast is also trying to outbid Disney for assets of Fox it has agreed to buy for $90 billion. Those assets include Fox’s entertainment cable networks in the U.S, and its TV and movie studios.
Comcast said its increased superior cash offer has been recommended by the Sky Independent Committee of Directors.
“Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast. Today’s announcement further underscores Comcast’s belief and its commitment to owning Sky,” the company said in a statement.
Comcast said it has committed financing available to satisfy the full cash consideration payable to Sky shareholders under the terms of the acquisition.
Comcast has already received regulatory approvals in the EU, Austria, Germany, Italy, and Jersey. Comcast expects to complete the acquisition before the end of October 2018.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.