The fight to buy the European television group is part of a broader battle being waged in the global entertainment industry as American media giants offer tens of billions of dollars in deals to compete with upstarts like Netflix and Amazon.
Fox — which is widely expected to receive regulatory approval from the U.K. this week after initially reaching a deal with Sky in December 2016 — increased its offer to £14 per share on Wednesday morning, up from £10.75 per share. This values the deal at $32.5 billion.
The news puts the ball back in the court of Comcast, which had offered £12.50 per share for Sky.
Fox, which already owns a 39 percent stake of Sky, said it had secured the backing of the independent committee of Sky for the deal.