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Fox “preparing new bid” for Sky

Decision over Fox's bid was expected this week, but may now be delayed due to change in Culture Minister

21st Century Fox is reportedly planning to increase its bid for Sky, in order to beat Comcast in the race for the satellite broadcaster.

According to the Financial Times, Fox is preparing a new bid that would value Sky at around £25 billion.

Comcast has previously offered £12.50 a share. According to the FT, Sky shares are currently trading at £14.65, with some analysts expecting the new Fox offer to come in above that price.

It’s expected Comcast is preparing to raise its offer for Sky this week, with a Friday deadline. According to UK takeover rules, a company has 28 days to post its offer documents to shareholders after clearance from regulators.

Meanwhile, former Culture Secretary Matt Hancock was expected to announce his decision regarding Fox’s bid for control this week. However, he has now moved to the Department of Health following this week’s Cabinet resignations. Hancock has been replaced as Secretary of State for Digital, Culture, Media and Sport by Jeremy Wright.