Fox prepping $33B bid for Sky to fight off Comcast


But Fox must promise to divest Sky News to assuage concerns over Fox controlling too much of the country's news media.

It's also 12% bigger than Comcast's last bid and a multiple of approximately 14.1x Sky's adjusted EBITDA of £2.3B for the 12-month period ended December 31, 2017.

Just when you thought Disney had wrapped things up with its huge $71.3 billion bid for 20th Century Fox, The Hollywood Reporter brings word of another speedbump.

Fox made the new offer in an attempt to outbid its rival Comcast, which has offered Sky £12.5 (Rs. 1,139) per share, CNBC reported. Those assets include the Fox's Hollywood studios, content library, cable channels, global networks, and a 39-percent stake in Sky.

20th Century Fox recently set July 27 as the new date for stockholders to vote on the sale of their many film and television assets to The Walt Disney Co., which has also recently received US anti-trust approval. Fox said Sky's independent directors have agreed to the new offer.

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"We strongly believe that a combined 21CF and Sky will be a powerful driver for the continued growth and vibrancy of the United Kingdom and broader creative industries".

Brian Roberts, chief executive of Comcast, said: "We have long admired Sky, which we believe is an outstanding company and a great fit with Comcast".

Sky operates in Austria, Germany, Ireland and Italy as well as the U.K. It has 22.5 million customers, attracted by offerings such as English Premier League soccer and "Game of Thrones". Wright's predecessor had previously indicated the deal could go through if Sky was ultimately sold to a third party, like Disney.

The move by the NBC owner came less than 24 hours after 21st Century Fox increased its offer to £24.5bn.

If Fox buys the remaining stake in Sky prior to closing the Disney deal, Disney would take full-ownership of the British company upon completion of the larger transaction. The media mogul's previous effort to buy out the rest of Sky foundered amid Britain's 2011 phone-hacking scandal, which hardened opposition to Murdoch's influence over the United Kingdom media landscape.