21st Century Fox increases bid to take over Sky

Twenty-First Century Fox increased Wednesday its bid to take full control of European pay TV service Sky in a prolonged battle with rival Comcast.

Fox raised its bid to 14 pounds ($18.58) a share as it seeks the 61 percent of Sky not already under its control.

The company says this is 12 percent higher than the last bid from Comcast and values Sky at $32.5 billion. Fox has increased its bid by just over 30 percent since its first offer in December 2016.

Shares in Sky were down 0.8 percent, suggesting investors believe Comcast could come back with another improved offer.

Sky operates in Austria, Germany, Ireland and Italy as well as the UK. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and “Game of Thrones.”

Source: Read Full Article