Comcast raises its offer for Sky to $34 billion

US media giant Comcast has raised its bid for panEuropean TV group Sky , topping the latest offer from 21st Century Fox.

Comcast lifted its bid for Sky to $34.3 billion on Wednesday, only hours after Rupert Murdoch’s Fox boosted its offer for the 61 per cent of Sky it does not own. Fox’s latest bid values Sky at $32.4 billion.

Comcast said its sweetened offer has been accepted by Sky independent Committee directors. “Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast,” the company said in a statement released after the US stock market closed.

“Today’s (Thursday’s) announcement further underscores Comcast's belief and its commitment to owning Sky.” Sky’s jewel in the crown is its live coverage of English Premier League soccer, while the group also provides broadband internet and telephone services.

The battle for Sky comes as Comcast is also embroiled in a takeover battle with Disney for key Fox entertainment assets that are being split off from Murdoch’s empire.

Fox’s long-running pursuit for all of Sky has been plagued by the UK government fears over media plurality and broadcasting standards — and the influence of Australian-born US citizen Murdoch. He owns major British newspaper titles The Times andThe Sun, and critics say obtaining full control also of the rolling TV channel Sky News would give him too much influence in the news business.

To remedy this, Fox has proposed to sell Sky News to Disney as part of the Disney transaction.