Comcast Increases its Bid to Win Sky PLC from 21st Century Fox

In a strategic move, Comcast Corp. upped the ante in the takeover war between it and Rupert Murdoch’s 21st Century Fox Inc. to win Sky Plc.

Comcast Corp. increased its bid to $34 billion, topping the offer that Murdoch had made.

According to the statement on Wednesday, Comcast is offering 14.75 pounds a share for the British top pay-TV provider at 26 billion pounds. That’s 5.4% above what Murdoch’s company offered.

“There is a possibility Comcast puts a lot of chips backing its Sky bid and is less aggressive in its pursuit of Fox,” said Paul Sweeney, an analyst with Bloomberg Intelligence.

The U.K. government has said already that it would likely approve the Sky bid from Fox. Fox already owns 39% of the company.

Comcast said it has already gained regulatory approval in the European Union, Austria, Germany, Italy and Jersey and expects to complete its takeover of the U.K.-based company by the end of October.

Disclaimer: We have no position in Comcast Corporation (NASDAQ: CMCSA) nor Twenty-First Century Fox Inc Class A (NASDAQ: FOXA) and have not been compensated for this article.