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Photo by Daniel Leal-Olivas/AFP/Getty Images

21st Century Fox raised its takeover offer for British broadcaster Sky from £10.75 per share to £14 per share, putting the total deal value at $32.5 billion on Wednesday. Fox's new offer comes after Comcast bid £12.50 per share for Sky in February.

Why it matters: The revised offer is designed to guarantee that whoever buys Fox's entertainment assets also gets majority ownership of Sky, and seems to be just the latest hint that Fox prefers Disney.

The backstory: The new offer comes amidst Comcast and Disney both vying to buy 21st Century Fox's entertainment assets back in the U.S.

  • Fox currently owns 39% of Sky Broadcasting and is looking to acquire majority ownership to give its potential new owner.
  • Comcast has a Friday filing deadline for its $31 billion bid.

Between the lines: Fox CEO Rupert Murdoch, Comcast CEO Brian Roberts and Disney CEO Bob Iger are all expected to meet this week in Sun Valley at the annual Allen & Co. Conference.

Fox is still waiting regulatory approval from the UK to actually buy Sky, but is expected to receive it soon.

  • Fox promised last month that it would sell Sky News to Disney to ease any plurality concerns from regulators. Disney has agreed to fund the channel for 15 years and agree not sell the property without regulators' permission.
  • Regulators suggested last month that Comcast was unlikely to face the same grueling regulatory process that Fox has been going through for the past 18 months.

The big picture: Sky Broadcasting is unique because it reaches nearly 23 million households across five European countries. It also has a robust over-the-top streaming business — which would help its new majority owner build a streaming audience overseas.

Go deeper

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1pm the day after the article is transmitted.

Dan Primack, author of Pro Rata
2 hours ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.