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Comcast challenges Fox with $31 billion Sky News bid

Andrew Harrer/Bloomberg via Getty Images

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.