Comcast Raises Offer For Sky In Attempt To Outbid 21st Century Fox

(RTTNews) - Comcast Corp. (CMCSK, CMCSA) increased cash offer for Sky Plc. (BSY.L, SKY.L). Comcast's sweetened offer values Sky at 26 billion pounds or about $34 billion.

The move by Comcast came less than 24 hours after 21st Century Fox (FOX, FOXA) increased its offer to 24.5 billion pounds.

That topped Comcast's previous 22 billion pounds offer and is part of an escalating war between media giants including Disney.

Comcast said that its increased cash offer has been recommended by the Sky Independent Committee of Directors.

Comcast is now offering 14.75 pounds per share for Sky compared with 14 pounds per share from Fox.

Comcast noted that it has long admired Sky and believes it is an outstanding company and a great fit with Comcast. Today's announcement further underscores Comcast's belief and its commitment to owning Sky.

Comcast said it has committed financing available to satisfy the full cash consideration payable to Sky shareholders under the terms of the acquisition. Comcast has already received relevant regulatory approvals in the EU, Austria, Germany, Italy, and Jersey. Comcast expects to complete the acquisition before the end of October 2018.