Comcast offers $31B bid for Sky, vying with Disney and Fox

Comcast offers $31B bid for Sky, vying with Disney and Fox
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Comcast is offering a $31 billion bid to purchase the European broadcaster Sky, hoping to beat out Disney and 21st Century Fox.

The cable company on Tuesday announced the offer, which is a 16 percent increase from Fox’s bid to obtain majority control of Sky.

“We think Sky is an outstanding company,” Comcast CEO Brian Roberts said in a statement. “It has 23 million customers and leading positions in the U.K., Italy, and Germany. Sky has been a consistent innovator in its use of technology to deliver a fantastic viewing experience and has a proud record of investment in news and programming.”

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Fox currently owns more than a third of Sky’s shares, and British regulators have expressed concerns about giving the Murdoch family even more control over their media landscape.

Disney is also making a bid for most of Fox’s entertainment assets, including the stake in Sky, which features popular programming such as English Premier League soccer.

Comcast’s announcement could ignite a bidding war among the U.S. giants hoping to expand their European operations with access to Sky’s customer base.