Rupert Murdoch

Comcast challenges Murdoch with rival bid for UK-based Sky

Comcast challenges Murdoch with rival bid for UK-based Sky

U.S. media giant Comcast on Wednesday offered 22 billion pounds ($30.7 billion) for Sky PLC, topping a bid from Rupert Murdoch's 21st Century Fox and setting up a bidding war for Britain's biggest satellite television company.

Comcast said it would pay 12.75 pounds for each Sky share, 16 percent more than Fox's offer. Sky shares rose 3.9 percent to 13.59 pounds as investors bet Fox would sweeten its bid, and Sky withdrew its recommendation that shareholders accept the Fox offer.

Sky is based in London and has pay-TV operations across Europe, offering a platform for U.S. companies like Comcast and Fox to expand abroad. Fox, which already owns 39 percent of Sky, offered to buy...

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