The battle to gain control of Sky has escalated further with Comcast increasing its bid from £22 billion to £26 billion.
That’s more than 21st Century Fox’s latest bid of £24.5 billion, announced yesterday.
Comcast said its new offer has been recommended by Sky’s independent committee of directors.
It was now offering £14.75 a share for Sky compared with £14 from Fox.
Comcast said it had “long admired Sky”, adding: “We believe it is an outstanding company and a great fit. Today’s announcement further underscores Comcast’s belief and its commitment to owning Sky.”
Meanwhile, the Department of Media, Culture and Sport has announced it will allow Fox’s bid to take control of Sky to go ahead.
In a written statement new Secretary of State for Culture Jeremy Wright said: “Having considered the responses to the consultation, the previous Secretary of State agreed with the parties a clarificatory change to Disney’s undertakings and changes to the associated brand licensing agreement. In response to specific concerns raised by respondents, he also agreed that where appropriate the Secretary of State will consult with the CMA in relation to these undertakings and will publish the formal written advice given by the CMA. I am content to confirm this position.”
“The publication of the undertakings marks the final stage of the public interest consideration of this case. It is right that Ofcom, the CMA and my Department have taken such care in ensuring the bid is properly and effectively scrutinised. It is now a matter for the Sky shareholders to decide whether to accept 21CF’s bid.”