Fox leaves door open for increased Sky bid

21st Century Fox has filed paperwork that could see it table an increased bid for European pay TV operator Sky over the coming weeks in an effort to fight off competition from Comcast.

Rupert Murdoch

Rupert Murdoch’s Fox was legally required to publish an ‘offer document’ this week outlining its bid for the 61% of Sky that it doesn’t already own, which remains the same as the one it offered last month of £14 (US$18.10) per share.

This remains short of the £14.75 per share offer that US cabler Comcast tabled to counter Fox last month, valuing Sky at (US$34.4bn). This bid has been recommended by Sky’s independent committee of directors.

However, the paperwork filed by Fox, itself the subject of a bid from Disney for its assets, leaves the door open for it to submit a revised offer document before September 22, meaning it could yet increase its bid.

If Fox were to succeed in buying Sky, the satcaster would ultimately become owned by Disney as a result of the latter’s acquisition of assets belonging to 21st Century Fox.

Comcast last month dropped out of the bidding war for these assets, clearing the way for a takeover by Disney, to allow it to focus on its bid for Sky.

21st Century Fox has long been trying to secure the 61% of Sky it doesn’t already own, but the process has become mired in red tape and government legislation over competition and media plurality.