Sky accepts higher 21st Century Fox bid

British pay-TV group Sky said Wednesday it accepted a sharply increased offer from 21st Century Fox to acquire the pan-European company, according to the Financial Times.

Fox's new offer, which is an all-cash offer, for the 61% of Sky it doesn't already own is approximately $32.5 billion, a 30 percent increase over its previous offer, which was made in December 2016.

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.

Sky’s independent committee said Wednesday Fox's new bid “represents a substantial increase in value relative to the Comcast offer,” and it will "unanimously recommend” the offer to Sky shareholders, according to the Financial Times.

Fox Business' Ken Martin contributed to this article.