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Comcast bests Fox with a $34 billion offer in the ongoing bidding war for Sky

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Comcast CEO and chairman Brian Roberts. Chip Somodevilla / Getty Images

Comcast increased its bid for Sky Wednesday evening, beating an offer 21st Century Fox issued earlier in the day to continue a bidding war for the British broadcaster.

Comcast’s newest offer came in at £14.75 per share, valuing Sky at £26 billion ($34 billion) up from it’s previous offer of £22 billion.

Earlier on Wednesday, Rupert Murdoch’s 21st Century Fox bid £14 a share for Sky.

Fox’s offer is pending UK government approval from culture secretary Jeremy Wright, while Comcast has already received approval. Comcast said its bid had the backing of Sky’s independent directors.

Both offers for Sky are part of a larger fight between Comcast and Disney to acquire assets from Fox. Fox already owns 39% of Sky, and is bidding for the remaining 61%.

All of those assets will go to Disney if it should succeed in its acquisition plans for Fox.

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