Fox prepping $33B bid for Sky to fight off Comcast

Disney Fox Deal Faces Lawsuit From Fox Shareholder

Fox's latest bid represents a premium of approximately 82.1% to the closing price of £7.69 per Sky share on December 6, 2016, ahead of its initial offer, and an increase of 30.2% on 21CF's first £10.75 per share offer.

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

"We are please to be announcing a recommended increased offer for Sky today", said Brian Roberts, chief executive of Comcast.

Fox said early Wednesday morning, "As the founding shareholder of Sky, we have remained deeply committed to bringing these two organizations together to create a world-class business positioned to deliver the very best entertainment experiences well into the future".

To secure regulatory approval, Fox has agreed to sell Sky's award-winning news channel to Disney to prevent Murdoch from owning too much of the British media. The new offer also bests Comcast's bid of £12.50 per share.

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Comcast believes finding such partners will not only allow it to argue that it can win antitrust approval for the Fox assets as easily as Disney, but will also boost its finances as its prepares to make a second all-cash offer later this month, the sources said.

The world's biggest entertainment company and owner of NBC and Universal Pictures gate crashed Murdoch's bid for Sky in February.

The pursuit for Sky is meanwhile further complicated by a battle between Walt Disney and Comcast for key assets of 21st Century Fox.

That topped Comcast's previous £22bn offer and is part of an escalating war between media giants including Disney. But Fox's move Wednesday shows its own determination to control all of Sky - a long-cherished goal of Rupert Murdoch's. Analysts said it was not a knock-out, and Fox did not say it was its final offer.

Following the announcement, Sky's share price was down 1.3 per cent at 14.81, though above the improved offer. News Corp., which is controlled by the Murdochs, withdrew its bid for Sky soon after.

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