Breaking UK finally clears Rupert Murdoch's Fox to bid for Sky

Currently Comcast’s $29 billion bid has been accepted by U.K. regulators without conditions

Comcast Corp (CMCSA.O) on Wednesday raised its all-cash offer for Britain's Sky (SKYB.L) to $34 billion, topping a raised bid of $32.5 billion for the pay-TV group from Rupert Murdoch's Twenty-First Century Fox (FOXA.O).

United States media giant Comcast threw its hat into the ring in February with a £22bn offer for Sky, trumping an offer from Fox, and starting a bidding war.

That topped Comcast's previous £22bn offer and is part of an escalating war between media giants including Disney.

However, Comcast's new offer, more than 5% over Murdoch's latest deal, has won the recommendation of Sky's independent committee.

The Wall Street Journal reported last month that Comcast was exploring tie-ups with other companies or private equity investors for its bid for the Fox assets.

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Wright said Thursday that it's "now a matter for the Sky shareholders to decide whether to accept 21st Century Fox's bid". Of the assets he's seeking to acquire from Fox, Disney chief executive officer Bob Iger called Sky "a real crown jewel".

To address those concerns, Fox has agreed to sell Sky News to Disney, with a commitment that the channel would be funded to the tune of £100m a year for the next 15 years.

Sky gives Fox and Comcast a rare opportunity to diversify out of the USA and reach more consumers directly.

WSJ reports Comcast upped their offer for Sky, which is a price likely not to be topped, which means Comcast could walk away with Sky, while Disney gets the rest of Fox. The European pay-TV company has become a pawn in a wider contest between Comcast and Walt Disney (dis) for the bulk of Murdoch's media empire, as each seeks scale to take on streaming competitors like Netflix.

He said amended guarantees had been made over Sky News to address concerns over media plurality, as well as changes to the associated brand licensing agreement following responses to the Government's consultation. Comcast now has a 60-day window before Sky shareholders can vote to approve the deal.

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