Comcast and Fox escalate their bidding war for Sky

LONDON — Comcast’s bid to acquire the bulk of 21st Century Fox’s entertainment assets appears to be over. Instead, the cable giant will focus on fighting Fox for control of Sky, one of Europe’s most prized media companies.

Philadelphia-based Comcast increased its offer for Sky on Wednesday, valuing the satellite broadcaster at $34 billion, or 26 billion pounds. That topped a bid from Twenty-First Century Fox, Rupert Murdoch’s media empire, that came earlier in the day.

Fox’s offer valued Sky at about $32.5 billion. Sky’s independent board had already recommended Comcast’s new terms.

Both the Walt Disney Co. and Comcast have bid to buy most of Fox’s entertainment assets, including Sky and another growing international business, Star India, which would help increase their global reach.

Now, Comcast is unlikely to continue pursuing Fox and will instead concentrate its efforts on acquiring Sky, the people familiar with the process said.