Comcast returns with £26bn offer for Sky as govt approves Fox bid

Sky: Comcast increases offer
Sky: Comcast increases offer

Comcast has upped its offer to buy for Sky to £26bn, a day after Rupert Murdoch's 21st Century upped the ante in the bidding war.

The US media giant, which owns NBC and Universal Studios, has bid £14.75p a share, following Fox’s £14 a share offer yesterday, which values Sky at £24.5bn.

The new culture secretary, Jeremy Wright, has today confirmed the government's approval for Fox’s proposed takeover of Sky. The company is bidding to takeover the 61% of Sky it does not already own.

Wright told Parliament today that he was satisfied with the decision process made by his predecessor, Matthew Hancock, who had decided that previous public interest concerns regarding media plurality had now been met. Fox has pledged to sell Sky News as part of the takeover deal.

Comcast’s new offer has won the recommendation of Sky’s independent committee.

Last December Disney announced it wanted to buy the bulk of Fox’s business, including its 39% stake in Sky.

Comcast chief executive Brian Roberts has said the company would be prepared to co-own Sky with either Fox or Disney, as long his company held the majority stake.

This article was originally published at 9.45am and updated at 12pm following Wright's announcement.

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