Comcast Tops Fox Bid for Sky With $34 Billion Offer

Comcast Corp. (CMCSA) raised its bid for Sky to £14.75, or $19.47, per share late Wednesday, topping a raised offer earlier in the day by Twenty-First Century Fox (FOXA) of £14 pounds a share.

Fox holds a 39% stake in Sky, Europe's biggest pay-TV company.

The Comcast bid implies a value of $34 billion for Sky, the company said in a news release.

The move comes as Comcast and Walt Disney Co. (DIS) are battling to buy Fox's entertainment properties.

Last month, Disney said it would pay Fox $38 per share in either cash or stock for the assets -- including flim studios, FX Networks, Fox Sports Regional Networks; Fox's international networks; Indian satellite TV group Star India; and stakes in National Geographic Partners, Hulu LLC and Sky -- again topping Comcast's offer of $35 per share in cash, valuing the deal at $71.3 billion.

Comcast is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stock? Learn more now.

More from Markets

Economist Perspective: Brexit Endgame in Sight?

Economist Perspective: Brexit Endgame in Sight?

Flashback Friday: Johnson & Johnson Hits Take Historic Plunge

Flashback Friday: Johnson & Johnson Hits Take Historic Plunge

Dow, S&P, Nasdaq Are All in Correction Territory Following Stock Selloff

Dow, S&P, Nasdaq Are All in Correction Territory Following Stock Selloff

Procter & Gamble Helps Lead Dow Jones After Upgrade From Morgan Stanley

Procter & Gamble Helps Lead Dow Jones After Upgrade From Morgan Stanley

5 Highly Anticipated Tech IPOs to Watch in 2019

5 Highly Anticipated Tech IPOs to Watch in 2019