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Murdoch's Fox increases Sky bid to £24.5bn in takeover battle Murdoch's Fox increases Sky bid to £24.5bn in takeover battle
(35 minutes later)
Rupert Murdoch's 21st Century Fox has increased its offer for UK broadcaster Sky to £24.5bn, topping a previous offer from rival bidder Comcast.Rupert Murdoch's 21st Century Fox has increased its offer for UK broadcaster Sky to £24.5bn, topping a previous offer from rival bidder Comcast.
US media giant Comcast made a £22bn offer for Sky in February, trumping a previous offer from Fox, which valued Sky at £18.5bn.US media giant Comcast made a £22bn offer for Sky in February, trumping a previous offer from Fox, which valued Sky at £18.5bn.
Fox is expecting to get regulatory approval from Britain this week for the deal.Fox is expecting to get regulatory approval from Britain this week for the deal.
Fox said Sky's independent committee had agreed the deal.Fox said Sky's independent committee had agreed the deal.
What have been the stumbling blocks for Fox's Sky deal? Fox has been trying to get approval from UK regulators since 2016 to buy the 61% of Sky it does not own already.
Rupert Murdoch's Fox has been trying to get approval from UK regulators since 2016 to buy the 61% of Sky it does not own already.
The bid was held up by fears that it could give Mr Murdoch too much power over UK media.The bid was held up by fears that it could give Mr Murdoch too much power over UK media.
Fox has been trying to address those concerns through concessions, including selling Sky News to Disney once the deal is complete.Fox has been trying to address those concerns through concessions, including selling Sky News to Disney once the deal is complete.
In June, the then Culture Secretary, Matt Hancock, said the Fox deal could go ahead if it sold Sky News, with certain provisos.In June, the then Culture Secretary, Matt Hancock, said the Fox deal could go ahead if it sold Sky News, with certain provisos.
At the time, Mr Hancock said he needed to be confident that the deal ensured the long-term financial viability of the channel.At the time, Mr Hancock said he needed to be confident that the deal ensured the long-term financial viability of the channel.
Sky News would need to continue to be a major UK-based news broadcaster. It would also need to be able to make editorial decisions independent from the control of the Murdochs.Sky News would need to continue to be a major UK-based news broadcaster. It would also need to be able to make editorial decisions independent from the control of the Murdochs.
Mr Hancock said in June that there would be no public interest concerns with a Comcast takeover of Sky.Mr Hancock said in June that there would be no public interest concerns with a Comcast takeover of Sky.
How do Sky shareholders feel? Battles in the media industry
Analysis: BBC business editor Simon JackAnalysis: BBC business editor Simon Jack
There is nothing better for an owner than watching an auction between two rich buyers who really want what you are selling. The new bid for Sky is a whopping 80% more than the market thought Sky was worth before the bidding war started.
That is how Sky shareholders feel as Murdoch-controlled 21st Century Fox raised the bidding once again for Sky.
The new bid is a whopping 80% more than the market thought Sky was worth before the bidding war started.
A source close to the deal said: "It's absolutely unbelievable - they are way overpaying."A source close to the deal said: "It's absolutely unbelievable - they are way overpaying."
And I'm told it's not done yet. "I think Comcast want it more - and will be back."And I'm told it's not done yet. "I think Comcast want it more - and will be back."
This is sweet music to the 61% of Sky shareholders who aren't part of the Murdoch family and they will be happy with the independent directors on the Sky board. The big question may be for Disney, which, if the price goes any higher, may start to think that the company they want to buy - Fox - is overpaying for Sky.
The big question may be for Disney, which, if the price goes any higher, may start to think that the company they want to buy - Fox - is overpaying for Sky - which in turn means they are getting a worse deal.
As one source at Sky told me: "If you can figure out what the strategy is here, then let me know."As one source at Sky told me: "If you can figure out what the strategy is here, then let me know."
Is there also a battle for Fox? Here goes: the approval of the merger between AT&T and HBO's owner Time Warner in the US started an all-out global media arms between old giants and new pretenders such as Netflix.
Yes. Separately, Disney wants to buy Fox's entertainment assets, including its stake in Sky. In that arms race for content and distribution, price is secondary to scale. And Sky - with its 20 million subscribers in Germany, Italy, UK, Spain and Ireland - hands the victor European distribution at scale on a single (increasingly expensive) plate.
In June, Disney increased its offer for 21st Century Fox to $71.3bn (£54bn) in cash and shares, up from an earlier $52bn offer. The skirmish for control of Sky is being fought in the shadow of an even bigger battle - a struggle for control of prized entertainment assets owned by Fox, including its stake in Sky.
Comcast also wants to buy Fox. The US media conglomerate is locked in a battle with Disney over Fox's entertainment assets, which include movie studios, cable channels, National Geographic and a 30% stake in video website Hulu, as well as Indian network Star. Disney and Comcast are locked in a battle for those businesses which include movie studios, cable channels, National Geographic and a 30% stake in video website Hulu, as well as Indian network Star.
Fox would keep hold of some successful assets, including Fox Sports, Fox News and Fox Television Stations, and make them into a new company called "New Fox". In June, Disney raised its offer for those assets to $71.3bn (£54bn) in cash and shares.
Under the deal, Fox would keep Fox Sports, Fox News and Fox Television Stations and make them into a new company called "New Fox".
Established media companies like Disney are looking for deals that would help them meet the challenge of fast-growing rivals including Netflix and Amazon.