Comcast to challenge Fox in bid for Sky

LONDON — Comcast, the owner of NBC and Universal Pictures, has launched a bid for European pay TV broadcaster Sky that threatens to thwart a rival offer by media mogul Rupert Murdoch’ 21st Century Fox.

The move appears not only opportunistic but aimed at disrupting the European expansion of arch-rival Disney, which is currently looking to take over Fox.

Comcast said Tuesday it is offering 22.1 billion pounds ($29.5 billion) for London-based Sky. The proposed cash deal values each Sky share at 12.50 pounds, which is 16 percent more than what Fox had bid to buy the 61 percent of Sky it does not already own.

“We think that Sky would be very valuable to us as we look to expand our presence internationally,” Comcast CEO Brian Roberts said.

Part of what makes Sky attractive to U.S. companies wishing to expand in Europe is that it is an established brand across several countries in the region, where people are often used to paying monthly fees for pay TV.

Sky has 22.5 million customers in the U.K., Austria, Germany, Ireland and Italy who are attracted by its sport offerings like English Premier League soccer but also its film channels and TV shows like “Game of Thrones .” Furthermore, Sky provides the telecom services — like internet connections — needed to view its content.

Comcast’s move appears timed to capitalize on the trouble Fox has had with British regulators. The British competition regulator has said in a preliminary finding that a Fox takeover of the entire company would give the Murdoch family too much control of Britain’s media.