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Comcast Raises Offer for Sky, Topping New Fox Bid

Comcast raised the stakes in its battle with 21st Century Fox and The Walt Disney Co. to acquire European satellite broadcaster Sky.

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.

Related: Merger Talk Takes Bite Out of Earnings Season

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.

Related: Roberts: Comcast Is the ‘Right Buyer’ for Fox

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.

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.