Comcast raises Sky bid to $34 billion

Business 7/12/2018, 12:20 AM
Comcast raises Sky bid to $34 billion

Comcast Corp. announced on Wednesday that it increased its offer for British-based media company Sky Plc to £14.75 per share, resulting in a total deal value of $34 billion. The updated bid follows news that Sky reached a takeover deal with 21st Century Fox for around $32.3 billion.

"Comcast 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," the American telecoms giant said in a statement. It added it already received relevant regulatory approvals in the EU, Austria, Germany, Italy, and Jersey, as well as that it expects to complete the acquisition before the end of October.

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