Comcast increases cash offer for Sky to $34 billion, topping Twenty-First Century Fox

• Comcast has raised its bid for British television group Sky to $34 billion.
• The new offer tops that of Rupert Murdoch's Twenty-First Century Fox.
• Earlier, Fox had raised its bid to $32.5 billion.

Comcast on Wednesday raised its cash offer for Sky to $34 billion, topping Twenty-First Century Fox's latest bid.

Comcast said its upped bid has been recommended by the independent committee of Sky. The company also said it has earmarked funds to fulfill the terms of the deal.

Earlier Wednesday, Fox raised its offer to about $32.5 billion.

The two media giants have been in a bidding war for the British television group.

Fox had originally reached a deal in December 2016 to buy the part of Sky it does not already own. When the deal was first proposed, U.K. regulators expressed concerns that the merger would give Rupert Murdoch too much control over British television and newspapers.

But Fox was widely expected to win regulatory approval for the deal this week.

Shares of Comcast rose about 0.4 percent in after-hours trading following the announcement. Fox shares edged about 0.3 percent lower post-market.

Read the announcement below:

Comcast Corporation Increases Superior Cash Offer for Sky plc

Comcast Corporation (Nasdaq: CMCSA) (“Comcast”) today published an announcement containing the terms of an increased superior cash offer for the entire issued and to be issued share capital of Sky to £14.75 per share (the “UK Increased Offer Announcement”). This implies a value of $34 billion (£26 billion) for the fully diluted share capital of Sky. Additionally, Comcast announced that its increased superior cash offer has been recommended by the Sky Independent Committee of Directors. Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast. Today’s announcement further underscores Comcast’s belief and its commitment to owning Sky.

Comcast has committed financing available to satisfy the full cash consideration payable to Sky shareholders under the terms of the acquisition. Comcast has already received relevant regulatory approvals in the EU, Austria, Germany, Italy, and Jersey. Comcast expects to complete the acquisition before the end of October 2018.

The offer document containing full terms and conditions of Comcast’s recommended increased superior cash offer and the procedures for its acceptance will be published and posted shortly and will be available on Comcast’s website at www.cmcsa.com/proposal-for-sky.

Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.