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Comcast unveils $31 billion bid for Sky, battling Fox

Photo by Daniel Leal-Olivas/AFP/Getty Images

Comcast today announced a $31 billion takeover bid for European television giant Sky, which subsequently pulled its support for an already agreed-upon deal with 21st Century Fox. Comcast's bid was 16% higher than Fox's, on a share vs. share basis.

The big picture: For Comcast, interest in Sky is a no-brainer. The U.S. telecom giant needs streaming assets to compete on a global stage against tech behemoths like Netflix.