File - This March 29, 2017, file photo shows a sign outside the Comcast Center in Philadelphia. Comcast Corp. reports earnings Wednesday, April 25, 2018. (AP Photo/Matt Rourke, File)
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U.S. media group Comcast submitted a 22 billion pound ($30.7 billion) bid for Sky Wednesday, prompting the European pay TV group to drop its support for a lower offer from Rupert Murdoch's Twenty-First Century Fox. Sky's independent directors welcomed Comcast's 12.50 pound per share bid and said they would now engage with both Comcast and Fox.The proposed combination has been further complicated by Fox's agreement to sell many of its TV and film assets to Walt Disney Co, including its stake in Sky, for $52 billion.Comcast shares were 3.9 percent higher, while Fox's rose 2 percent and Disney gained 1.5 percent.Morningstar analyst Allan Nichols said Comcast's offer fully valued Sky, and any increase would be negative for Comcast, Disney or Fox shareholders. Hedge fund Elliott has taken a stake of almost 3 percent in Sky, according to its latest filing, and other shareholders have also argued that Disney's agreement to buy Fox implies a higher value for Sky.
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