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Just weeks after it was rumored to have placed a higher bid for Fox's entertainment assets than Disney, American cable giant Comcast announced that it is placing a $31 cash billion bid for a majority stake (over 50%) in Europe's Sky News, topping 21st Century Fox's $15 billion bid for an additional 61% of the network that it doesn’t already own.

Why it matters: Fox has been pursuing a majority stake in Sky for months, but has been facing regulatory hurdles around the deal. British authorities were supposed to give Fox a final decision this spring, but Comcast's bid could change the deal outlook for the network, which is simultaneously hoping to complete a $52 billion merger with Disney in the United States.

Between the lines: The bid shows how aggressive Comcast, which owns a majority stake in NBCUniversal, is willing to pursue content deals globally.

Comcast CEO Brian Roberts said Tuesday that the cable company is looking to acquire over 50% of the Sky shares in order launch a platform for growth in Europe. “Adding Sky to the Comcast family of businesses will increase our international revenues from 9% to 25% of company revenues," Roberts said.

  • Fox has offered some remedies to address media ownership plurality in Europe. The company recently pledged to create a fully independent board for Sky News to ensure its independence, should its $15 billion bid to take a majority stake in the Pay-TV company be approved.

The bigger picture: Many legacy media players have been consolidating to be able to compete with tech giants, like Google, Facebook and Netflix. Discovery Communications acquired Scripps Inc. for $14 billion this summer.

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Facebook is in the midst of the largest ad boycott in its history, with nearly 1,000 brands having stopped paid advertising in July because they feel Facebook hasn't done enough to remove hate speech from its namesake app and Instagram.

Axios Re:Cap spoke with the boycott's four main organizers, who met on Tuesday with CEO Mark Zuckerberg and other top Facebook executives, to learn why they organized the boycott, what they took from the meeting, and what comes next.

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Illustration: Sarah Grillo/Axios

Civil rights leaders blasted Facebook's top executives shortly after speaking with them on Tuesday, saying that the tech giant's leaders "failed to meet the moment" and were "more interested in having a dialogue than producing outcomes."

Why it matters: The likely fallout from the meeting is that the growing boycott of Facebook's advertising platform, which has reached nearly 1000 companies in less than a month, will extend longer than previously anticipated, deepening Facebook's public relations nightmare.

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Photo: Kevin Lamarque-Pool/Getty Images

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Why it matters: Scalise appears to be the first House lawmakers to host an in-person destination fundraiser since the severity of pandemic became clear. The invite for the “Summer Meeting” for the Scalise Leadership Fund, obtained by Axios, makes no mention of COVID-19.