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Comcast Starts A Bidding War With Fox For European Broadcaster Sky

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Comcast Starts A Bidding War With Fox For European Broadcaster Sky
On Wednesday, Comcast formally offered to pay about $30 billion for Sky.
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A bidding war to buy European broadcaster Sky has officially begun.

On Wednesday, Comcast formally offered to pay about $30 billion for Sky.

Comcast's CEO said in a statement: "We are delighted to be formalizing our offer for Sky today. We have long believed Sky is an outstanding company and a great fit with Comcast."

Comcast's bid trumps a previous offer from another entertainment powerhouse interested in buying Sky — Rupert Murdoch's 21st Century Fox.

In late 2016, Fox offered to shell out $16 billion to buy the remainder of Sky it doesn't already own.

After Comcast's formal bid, Sky withdrew its recommendation that shareholders should accept Fox's offer. Still, Fox said in a statement it's committed to its bid and is "considering its options."