Executive Chairman Rupert Murdoch of 21st Century Fox announced Wednesday he’s outbid rival Comcast with a $32.5 billion offer for British broadcaster Sky.
The two companies have been in a bidding war for Sky with Comcast having given an initial offer for in April.
The battle is part of a larger contest between Disney and Comcast to take over many of Fox’s assets.
Fox’s new bid for Sky, a European and British entertainment and communications company, amounts to $18.60 per share, which is 12 percent higher than Comcast’s offer.
Comcast’s offer was $31 billion in April and topped a previous offer from Fox, which already owned a 39 percent stake in Sky.
The new Fox offer raises its previous bid by more than 30 percent.
Fox is still awaiting approval from the British government to seal the deal, which is expected to come through this week.
Sky could help Fox compete upstarts Netflix and Amazon in the European market.
By Sommer Brokaw