The bidding war for Sky (LON:SKY) stepped up a notch late on Wednesday as Comcast increased its bid to 1,475p per share from a previous offer of 1,250p, besting the sweetened 1,400p per share bid from 21st Century Fox.
Comcast said that the offer, which implies a valuation of £26 billion for the UK-based subscription TV service, has been recommended by Sky’s Independent Committee of directors.
“Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast. Today’s announcement further underscores Comcast’s belief and its commitment to owning Sky,” said Comcast.
Shares in Sky traded 39.5p higher at 1,533.5p (as at 10:56 BST).