Comcast Launches Rival £22bn Sky Takeover Bid

US cable operator Comcast has made a formal £22bn ($30.7bn) bid for Sky that values the UK broadcaster at £12.50 ($17.43) a share.

It’s reported the move threatens 21st Century Fox’s attempts to take full control of the pay-tv group.

Rupert Murdoch has already agreed to buy the 61% of Sky it does not already own – an offer worth £19bn ($26.5bn).

Sky said it was withdrawing its recommendation for the Fox bid following Comcast’s proposal.

Sky shares closed 3.4% higher at £13.59 ($18.95) on Wednesday, suggesting a bidding war for control of Sky could begin. Disney, which struck a $66bn ($92bn) agreement with Fox four months ago, could also make a play for Sky.

Comcast say its bid came with a series of commitments on Sky ownership and UK investment which includes a 10-year commitment to Sky News.

Comcast is already America’s largest provider of cable and broadband with 29m customers.