Murdoch's Fox ups Sky bid to $32.5bn, topping rival Comcast

Rupert Murdoch’s 21st Century Fox has raised its offer for Britain’s Sky in an agreed deal valuing the pay-TV group at $32.5bn, seeing off rival bidder Comcast for now, news wires reported.

Fox, which is expecting to get regulatory approval from Britain this week, upped its offer to £14 per share, from its earlier £10.75 per share. Fox has been trying to buy the pan-European group since December 2016. Murdoch already owns 39% of Sky. Analysts said the bid threw down the gauntlet for Comcast, the world’s biggest entertainment company, to return with a higher offer. The US cable group gatecrashed Fox’s bid for Sky in February, forcing the independent directors to drop their original recommendation for Fox’s offer.

The fight for Britain’s leading pay-TV group is part of a bigger battle being waged in the global entertainment industry as the world’s biggest media giants offer tens of billions of dollars in deals to be able to compete with Netflix and Amazon. Comcast and Walt Disney are locked in a separate $70 billion-plus battle to buy most of Fox’s assets, which would include Sky.

 

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