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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.

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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.

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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.