Comcast increased its bid for pan-European TV group Sky on Wednesday, topping an offer from 21st Century Fox made hours earlier and escalating a takeover battle as media companies prepare themselves for the streaming era.
Comcast raised its bid for Sky to £26 billion ($34.3bn/Dh126bn) only hours after Rupert Murdoch's Fox boosted its offer for the 61 per cent of Sky it does not own.
Fox's latest bid values Sky at £24.5bn.
The battle for Sky comes as Comcast is also embroiled in a takeover battle with Disney for Fox entertainment assets that are being split off from Murdoch's empire. Some analysts have said Comcast could drop its bid for the Fox assets if it wins Sky.
Sky's jewel in the crown is its live coverage of English Premier League football, while the group also provides broadband internet and telephone services.
Media players such as Disney and Comcast have been looking to beef up their creative offerings to compete with Netflix and other streaming services that are eroding the value of conventional cable television assets.
The latest back-and-forth started on Wednesday morning when New York-listed Fox raised its offer to £14 for each outstanding share, up substantially on an offer of £10.75.
"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.
"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."
But only hours later Comcast rebutted the Fox move, releasing a bid after US markets closed of £14.75 per share, about five per cent above the Fox proposal.
Comcast said its sweetened offer has been accepted by Sky independent committee directors.
"Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast," the company said after the US stock market closed.
"Today's announcement further underscores Comcast's belief and its commitment to owning Sky."
Fox's long-running pursuit for all of Sky has been plagued by UK government fears over media plurality and broadcasting standards – and the influence of Australian-born US citizen Murdoch.
Murdoch owns major British newspaper titles The Times and The Sun. Critics say obtaining full control also of the rolling television channel Sky News would give him too much influence in the news business.
To remedy this, Fox has proposed to sell Sky News to Disney.
Disney has gained the upper hand in the battle with Comcast for Fox's assets, winning US regulatory approval for the transaction and scheduling a July 27 shareholder vote on the proposed $71.3bn deal.
Still, Comcast has not walked away from trying to overtake the Fox-Disney tie-up.
Assets in the Fox deal include production companies responsible for The Simpsons and Modern Family, film production businesses and a major stake in the online platform Hulu.
Should Disney's bid for the Fox assets succeed, it will also obtain Fox's 39 per cent stake in Sky as part of the package.
Shares of Comcast rose 0.2 per cent in afterhours trading Wednesday to $33.82, while Fox slipped 0.1 per cent to $47.34. Disney was unchanged.
Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Our legal advisor
Rasmi Ragy is a senior counsel at Charles Russell Speechlys, a law firm headquartered in London with offices in Europe, the Middle East and Hong Kong.
Experience: Prosecutor in Egypt with more than 40 years experience across the GCC.
Education: Ain Shams University, Egypt, in 1978.
Poacher
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The specs: 2018 Audi Q5/SQ5
Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder / 3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
