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Comcast's new offer trumps Fox’s $32.5bn to acquire Sky

Comcast's new offer trumps Fox?s $32.5bn to acquire Sky

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MUMBAI: The conflicting parties in bidding war to acquire Sky are leaving no stones unturned. Following the $32.5 billion offer from Rupert Murdoch’s 21st Century Fox, US cable giant Comcast also increased its offer valuing Sky at $34 billion. European pay TV group Sky with 20 million subscribers is a lucrative option for both the firms to extend their business in a Netflix-Amazon era.

On Wednesday, Fox increased its offer price to buy 61 per cent of Sky putting pressure on Comcast Corporation. It raised the offer to £24.5 billion ($32.5 billion) topping an earlier offer from Comcast.

Financial Times reported, Sky’s independent committee said Fox's new bid “represents a substantial increase in value relative to the Comcast offer.” Along with that, it would "unanimously recommend” the offer to Sky shareholders.

The regulatory approval for Fox’s deal may come this week while Comcast already received approval from the British government. Fox has been waiting long for the approval to buy the 61 per cent of Sky it does not own already. To resolve the concerns that Fox may create a monopoly in the market, Fox agreed to sell the Sky News operation to Disney once the deal is complete. However, now even if the approval comes Fox needs to raise its offer.

However, the deal is part of a wider battle between Comcast and Disney for control of prized entertainment assets owned by Fox. The tug-of-war includes movie studios, cable channels, National Geographic and a 30 pee cent stake in video website Hulu, as well as Star India.

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