Fox raises offer for Sky to $32.5B, challenging Comcast bid

FBN's Gerri Willis on 21st Century Fox' decision to increase its bid for Sky.

21st Century Fox has increased its offer for the 61% of U.K. pay-TV group Sky that it doesn't already own.

The bid comes to $32.5 billion.

That tops an existing bid from Comcast.

The all-cash proposal values each Sky share at GBP14, which compares with the GBP12.50 a share in cash offered by Comcast for the whole group, according to a statement from 21st Century Fox.

Fox's previous bid, which was made in December 2016 and has been under the scrutiny of British regulators, valued each Sky share at GBP10.75.

Fox agreed on June 20 to sell most of its assets--including its current 39% stake in Sky--to the Walt Disney company.

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.

21st Century Fox is the parent company of FOX News and FOX Business.