Comcast ups Sky bid to £26bn as bidding war continues

Comcast has raised its cash offer for Sky to £26 billion ($34 billion) after Fox’s cash bump to £24.5 billion earlier this week.

The offer takes Comcast’s bid up to £14.75 per share. The media giant said that its increased offer has been recommended by the Sky Independent Committee of Directors.

“The Increased Offer represents a significant increase in value relative to the original Comcast Offer and the 21CF Offer,” the committee said in a statement.

Comcast has already received relevant regulatory approvals in the EU, Austria, Germany, Italy, and Jersey. It would expect to complete the acquisition before the end of October 2018.

Brian L. Roberts, chairman and CEO of Comcast said: “We are pleased to be announcing a recommended increased offer for Sky today. We have long admired Sky, which we believe is an outstanding company and a great fit with Comcast.

“Today’s announcement further underscores this belief and our commitment to owning Sky. We will be posting our offer document to Sky shareholders shortly.”

The move arrives shortly after Fox increased its offer for Sky on Tuesday. It is unlikely that this is the end of the bidding battle, as Fox continues to attempt to make a deal with Disney for a range of its media assets.