Comcast is expected to raise its offer for Sky

Comcast crashes Murdoch's Sky bid

Fox increased Wednesday its bid to $18.58 a share as it seeks the 61% of Sky not already under its control.

Comcast has upped its bid for Sky in the latest movie in its war with Fox. Comcast faces a deadline of Friday to put its offer to Sky shareholders.

While Fox has agreed to sell most of its assets to Disney, Comcast has also made an all-cash offer for the Fox assets separate to its offer for Sky.

Rupert Murdoch's 21st Century Fox says it has agreed to buy Britain's Sky in a deal valuing the pay-TV group at $32.5 billion, trumping a rival offer from the United States group Comcast. Sky shares closed at 15.15 pounds. "The market's collective wisdom appears to be pricing in a cool down in the bidding war for Fox with Disney and Comcast each rallying today, with Fox down 4 percent".

'It seems that sky is caught in a bigger struggle between U.S. media groups with deep pockets who want more worldwide exposure and are ever more aware of competition from newcomers such as Amazon and Netflix, ' he continued.

But Disney and Fox are determined to keep their deal together - Murdoch has favored Disney in negotiations over the sale of 21st Century Fox assets, including Fox's stake in Sky, to Disney.




"We welcome this increased offer", Martin Gilbert, deputy chairman of Sky, said in an emailed statement.

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.

One hedge fund manager with a stake in Sky welcomed that pledge as a sign that Disney backed Fox in the battle.

USA media giant Comcast threw its hat into the ring in February with a £22bn offer for Sky, trumping an offer from Fox, and starting a bidding war.

Jeremy Wright, who replaced Matt Hancock as Britain's culture and media secretary earlier this week, announced the clearance of Fox's bid on Thursday after months of regulatory review.

"There are enough sub-plots in the race to acquire Sky to commission a primetime drama", Salmon said.

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