21st Century Fox raises Sky bid in battle with Comcast

21st Century Fox raises Sky bid in battle with Comcast

21st Century Fox raises Sky bid in battle with Comcast

Rupert Murdoch's 21st Century Fox has kicked off a potential bidding war with U.S. entertainment giant Comcast after making a new offer for the 59pc of Sky it does not already own that values the UK-based broadcaster at £24.5bn.

Comcast's £14.75p a share offer comes within hours of Murdoch making a new £14 a share offer valuing Sky at £24.5bn.

"We could be seeing a bidding prioritization by Comcast for Sky over Fox, perhaps due to the fact that Comcast cannot afford both, and has to choose its battles", Cahall wrote.

Fox has increased its bid by just over 30 percent since its first offer in December 2016.

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The battle for Britain's leading pay-TV group reflects major shifts in the global entertainment industry as the world's biggest media giants battle each other for multi-billion dollar deals to be able to compete with Netflix and Amazon.

The Department of Justice highlighted that Disney already owned a good chunk of the sports entertainment industry with ESPN, claiming that Fox's added assets would result in anti-competitive domination of the field.

But Fox must promise to divest Sky News to assuage concerns over Fox controlling too much of the country's news media. Sky's shares closed at £15.01 on Tuesday, suggesting shareholders think the battle is not over.

Comcast has said that Sky is very important because it could take the US -bound cable and internet giant into global markets.

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Comcast subsequently made a rival offer of $66bn in cash for those assets - prompting Disney to sweeten its terms last month to $85bn, including debt, in cash and shares. Rupert Murdoch's company is willing to pay £14 (Rs 1,254) per share - or £32.5 billion (Rs 2.96 lakh crore) - instead of £10.75 (Rs 978) per share for Sky.

"Today, 21CF and the Independent Committee of Sky are pleased to announce that they have reached agreement on an increased. cash offer", a statement said on Wednesday. Comcast faces a deadline of Friday to put its offer to Sky shareholders.

Sky's independent directors accepted the latest Fox offer. The opposition has not completely subsided despite the plan to spin off Sky News.

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