21st Century Fox increases bid for Sky in battle with Comcast

Rupert Murdoch’s Twenty-First Century Fox said which had secured a deal to buy Britain’s Sky on Wednesday, ratcheting up the stakes of an ongoing bidding war to acquire the European television group.

Sky will be seen among the media industry’s most coveted prizes for U.S. companies looking to expand their operations to Europe as well as to compete with upstarts like Netflix as well as Amazon. In addition to selling broadband as well as mobile phone services, Sky will be also a leader for pay-TV in Britain, as well as additional regional markets including Germany as well as Italy.

Fox — which will be widely supposed to receive regulatory approval via the U.K. which week after initially reaching a deal with Sky in December 2016 — increased its offer to £14 per share on Wednesday morning, up via £10.75 per share. which values the deal at $32.5 billion.

The news puts the ball back inside court of U.S. media giant Comcast, which had offered £12.50 per share for Sky.

Fox, which already owns a 39 percent stake of Sky, said which had secured the backing of the independent committee of Sky for the deal.

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