Murdoch’s Fox raises bid for Sky to $32.5 billion

Murdoch’s Fox raises bid for Sky to $32.5 billion
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Rupert Murdoch’s 21st Century Fox has increased its offer for the Britain-based Sky television service to $32.5 billion amid the company’s bidding war with Comcast.

The Associated Press reported that Fox, which already has a 39 percent stake in Sky, raised its offer to 14 pounds per share ($18.58), more than Comcast’s latest offer but not equivalent to the value Sky was trading at on Wednesday.

A top Sky shareholder told Reuters that Comcast is expected to respond with a higher offer for the company.

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Fox has been attempting to purchase Sky since December 2016, and has increased its offer by more than 30 percent since then, according to the AP.

Fox has faced significant hurdles in attempting to purchase the service: British regulators recommended earlier this year the government block a merger with Sky over fears the Murdoch family trust would have “too much control” over news in the country.

Sky has 22.5 million customers in several European countries, including the United Kingdom.