Jul 12, 2018

Sky battle escalates as Comcast raises offer to £26bn

The battle for Sky intensified on Wednesday night as Comcast raised its bid for Sky, valuing the pay TV giant at £26bn. The move by the NBC owner comes less than 24 hours after 21st Century Fox increased its offer to £24.5bn. That topped Comcast's previous £22bn offer and is part of an escalating war between media giants including Disney. Comcast gatecrashed Mr Murdoch's attempt to buy the 61% of Sky his company did not already own in February while the Fox deal awaited government approval. Comcast's initial offer was considerably higher than the Fox bid that valued the satellite broadcaster at £18.5bn. The then Culture Secretary Matt Hancock said last month there would be no public interest concerns with a Comcast takeover of Sky. The end of the week is also be the deadline for Comcast to post an offer to Sky shareholders, who then have 60 days to consider that offer under UK takeover rules. The skirmish for control of Sky is being fought in the shadow of an even bigger battle - a struggle for control of prized entertainment assets owned by Fox, including its stake in Sky.

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