The Latest: Comcast sweetens Sky bid after Fox raises stakes

The Latest on the bidding battle for European pay TV service Sky (all times local):

11:45 p.m.

Comcast is sweetening its bid for European pay-TV operator Sky after Fox raised the stakes.

Comcast is now offering 26 billion pounds ($34 billion), trumping Fox’s increased offer of 24.5 billion pounds ($32.5 billion).

That breaks down to 14.75 pounds per share under Comcast’s new bid versus 14 pounds a share being dangled by Fox for the 61 percent of Sky that it doesn’t already own.

The latest bid is 18 percent above Comcast’s original offer of 12.50 pounds per share.

Both media companies are seeking Sky’s TV channels, 22.5 million customers and lucrative rights to English Premier League soccer matches. The battle for Sky is unfolding as Comcast engages in another duel with Disney for Fox’s entertainment operations, including Fox’s current 39 percent stake in Sky. Disney currently submitted to top bid for Fox.

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