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Comcast Outbids Murdoch for Sky News With $31B Cash Offer

After News Corp. offered to buy remaining 61% it doesn’t own for $26B.

Comcast has made a formal $31 billion offer to buy Sky News, threatening media mogul Rupert Murdoch’s effort to buy the remaining 61 percent of the satellite TV operation it does not own for about $26 billion, the BBC and Variety reported. Comcast’s offer would acquire Sky for $17.43 a share, while 21st Century Fox would only pay $14.99 per share. As a result, Sky withdrew “its recommendation for the Fox bid following Comcast’s move,” BBC reported. Comcast Chairman and CEO Brian Roberts said on an earnings call to investors that it didn’t necessarily need the acquisition, but saw Sky as “a unique asset… and is aligned with our strategy of integrating programming and distribution.” Roberts added that the purchase of Sky would be the company’s “platform for growth across Europe.” Comcast already owns NBCUniversal and and Universal Pictures.