Comcast challenges Fox with $31 billion bid for Britain's Sky

Comcast has formally offered $31 billion for Britain's Sky PLC, putting it in a showdown with Rupert Murdoch's Fox, BBC reports. "We have long believed Sky is an outstanding company and a great fit with Comcast," said Comcast chief executive Brian Roberts. "Sky has a strong business, excellent customer loyalty, and a valued brand. It is led by a terrific management team who we look forward to working with to build and grow this business."

21st Century Fox owns 39 percent of Sky, but Murdoch has long wanted to purchase the 61 percent his company doesn't already own, making a $16.3 billion offer in December 2016. British regulators have raised objections to his bid.

Sky said Wednesday that it is withdrawing its recommendation of the earlier Fox bid "as a result of the announcement of this higher cash offer." Fox said in a statement that it is "considering its options," CNN reports.

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