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Fox raises Sky bid to £24.5 billion

New bid is more than rival Comcast's

As expected, 21st Century Fox has increased its bid to take control of Sky to £24.5 billion.

Fox announced the increased bid as Comcast is thought to be preparing its own counter offer. Fox’s increased bid has also been announced before the government’s decision as to whether it would allow the company to take control of Sky. According to reports, that decision is expected by tomorrow (Thursday).

The new offer from Fox for the 61 per cent of Sky it does not already own, sets a price of £14 per share, a 30 per cent increase from its original offer in December 2016 of £10.75 per share. The new offer is also above Comcast’s bid, which was unveiled in April, of £12.50 per share.

“As the founding shareholder of Sky, we have remained deeply committed to bringing these two organisations together to create a world-class business positioned to deliver the very best entertainment experiences well into the future,” Fox said in a statement. 

“We strongly believe that a combined 21st Century Fox and Sky will be a powerful driver for the continued growth and vibrancy of the UK and broader global creative industries. The enhanced scale and capabilities of the combination will enrich Sky’s ability to continue on its mission for years to come, especially at a time of dynamic change in our industry.”

Fox said that its ownership of Sky would allow the satellite broadcaster “to compete within an environment that now includes some of the largest companies in the world, but none of [which] have demonstrated the same local depth of investment and commitment to the UK and to Europe.”