21st Century Fox raises Sky bid in battle with Comcast

Disney Fox Deal Faces Lawsuit From Fox Shareholder

U.S. media giant Comcast has raised its offer to buy Sky to £14.75 per share - just hours after 21st Century Fox increased its own offer to £14.

The improved offer from Fox for the 61% of Sky it does not already own sets a price of £14 per share, which is a 30% rise from its original offer in December 2016 of £10.75 per share and puts the overall valuation of Sky at £24.5 billion.

At this point, Comcast is in with a £12.50 a share and, according to the report, Fox's new bid will be above £14.68 a share, which is where Sky closed on Monday.

Now it's up to Comcast (cmcsa) to decide how much Sky is worth.

Comcast may instead try to get the Sky network, which Fox now owns 39% of the company. A month after 21st Century Fox had accepted the House of Mouse's $71.3 billion bid to acquire its film studio and TV assets, an impending lawsuit from a Fox shareholder could bring proceedings to another halt. Sky is a pawn in a wider contest between Comcast and Walt Disney Co. for the bulk of Murdoch's media empire, as the United States media giants try to take on powerful digital rivals like Netflix Inc.

Regrets mixed with pride as England fans digest World Cup heartbreak
F1 driver Hamilton wrote on Twitter that the team had done England proud, showing "real grit and determination". Croatia has defeated England and will advance to the 2018 FIFA World Cup final against France on Sunday.

Tom Watson, a British Labour Party politician and opponent of Fox's bid to buy Sky, told Variety that a bidding war could be a good thing for shareholders but that it is more important to protect Sky.

Earlier in the day, 21st Century Fox said it had a reached a deal to buy Sky that valued it at £24.5 billion, or about $32.5 billion.

KitGuru Says: No matter who ends up getting their hands on Fox's assets, the loss of competition from such a large player in the market is sure to be felt across the entertainment industry.

The U.K. government, which has already said it's minded to approve Fox's bid for Sky after Fox satisfied concerns over media plurality, is due to deliver its final ruling on Thursday.

Martin Gilbert, deputy chairman of Sky, said that Comcast's offer represent an "attractive premium to the current alternative offer". After a lengthy review, Disney looks to have satisfied officials with its agreement to sell the 22 regional sports networks included in the deal, allowing the acquisition to progress naturally.

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