Fox increases offer to buy Sky to £24.5bn

Last Updated: Jul 11 2018 16:49

BUSINESS- Rupert Murdoch’s 21st century Fox has increased its offer to buy UK broadcaster Sky to £24.5bn.

The new offer surpasses US media giant Comcast’s £22bn offer made in February.

Fox has been trying since 2016 to buy the 61% stake in Sky which it does not already own but UK regulators are not giving green signal to the bid as they fear that it could give Mr Murdoch too much power UK media.

Fox is trying to offer concessions to assuage the fears regarding the deal. They have even offered to sell Sky News to Disney once the deal is complete.

Fox is expecting to get regulatory approval for the deal this week. Only after the UK government’s approval, the deal will be put forward to the shareholders.