Fox-Comcast bidding war for Sky to enter showdown at takeover auction

In what has been a drawn-out bidding war between some of America’s biggest media companies, Britain’s Sky has found itself at the center.

The company is actually seen as a coveted asset inside the entertainment industry due to being a major player inside the U.K.’s pay-TV scene, as well as the digital media sphere.

A takeover deal might also come on the heels of Sky’s foray into the gaming market, with the telecommunications firm set to develop games based on its TV shows following a deal with Skybound Entertainment, the firm behind “The Walking Dead.”

This kind of has been a tense battle among the U.S. giants, with bids being thrown left right in addition to center with the aim of expanding reach both within the industry in addition to into an overseas market.

Prior to the news, offers for Sky stood at $34 billion via Comcast in addition to $32.5 billion via Fox.

Fox already incorporates a 39 percent stake in Sky. The company had originally reached a deal in December 2016 to buy the part of Sky This kind of does not already own.

The bidding war was complicated in July after Comcast dropped out of a bid to buy assets of Fox, conceding defeat in a separate bidding war with Disney.

Fox, controlled by the influential Murdoch family, had been under the lense of U.K. regulators in addition to politicians over concerns a takeover could extend too much influence to the Murdochs.

CNBC’s
Sam Meredith
contributed to This kind of report.

Disclosure: Comcast is actually the owner of NBCUniversal, parent company of CNBC in addition to CNBC.com.

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