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Comcast has increased its offer for British pay-TV company Sky PLC to $34 billion (£25.9 billion), roughly $2 billion higher than Fox’s most recent offer.

Earlier on Wednesday, Fox raised its own offer for the media giant to $32.5 billion (£24.5 billion). Comcast said that its increased offer has been recommended by the Sky Independent Committee of Directors.

Comcast’s new all-cash offer translates to £14.75 a share, which is roughly five percent higher than Fox’s £14 a share bid.

Also Read: Fox Raises Sky Bid to $32 Billion, Besting Comcast Offer for British Media Giant

“Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast,” the company said in its release about the new offer. “Today’s announcement further underscores Comcast’s belief and its commitment to owning Sky.”

The move by Comcast is the latest volley between CEO Brian Roberts and Fox chairman Rupert Murdoch over who gets the keys to Sky, which counts nearly 23 million customers in key parts of Europe, including Germany, Italy and Austria, along with the U.K. and Ireland.

In the U.S., Comcast is still battling with Disney to buy the film and TV assets from Fox. Fox’s stake in Sky is part of its proposed merger with Disney, though the deal was not contingent on that. Fox has set a July 27 shareholder meeting to formally vote on the Disney sale, which has already received approval from the Department of Justice.

Also Read: If Comcast Loses Fox to Disney, CEO Brian Roberts Still Has Options

Sky’s businesses would grow Comcast’s international revenue from 9 percent of its overall revenue to 25 percent. For Fox, Sky is a bit of a passion project for Rupert Murdoch, who founded the satellite broadcaster in 1990, and already owns 39 percent of the company and has had his eye on gaining full control for years.

The U.K. government had already approved Comcast earlier offer in June, with Matt Hancock, then-secretary of state for digital, culture, media and sport, who said at the time that “the proposed merger does not raise public interest concerns.”

However, Fox was given the go-ahead to continue efforts to purchase Sky as well, on the condition that Fox sells off Sky’s 24-hour news channel to Disney in the planned sale of certain Fox film and television assets to the Mouse House. Disney has pledged a 15-year, $2 billion commitment to fund Sky News if it acquires the channel in the Fox deal.

Also Read: Why Do Comcast and Fox Want to Buy Sky So Much?

Hancock, meanwhile, resigned amid a British cabinet shakeup this week and has been replaced in his role by Jeremy Wright.

According to Bloomberg, the British government has already signaled willingness to approve Fox’s offer, with its final decision due Thursday.

9 Biggest Billion-Dollar Entertainment and Media Deals in 2017 (Photos)

While all eyes were on AT&T's $85 billion acquisition of Time Warner, announced in late 2016 but facing an antitrust lawsuit from the Justice Department, there were plenty of other megadeals in media, tech and entertainment that kept investment bankers busy in 2017.

Here are some of the biggest deals of the year:
Getty Images
Disney to acquire most of 21st Century Fox for $52.4 billion

In a massive deal that could change the entertainment industry even more than AT&T-Time Warner, Disney announced plans to acquire Fox's film and TV studios and much of its non-broadcast television business, including regional sports networks and cable networks such as FX, FXX and Nat Geo. Disney would also pick up Fox’s stake in the European pay-TV giant Sky — and be better positioned to win regulatory approval to complete the acquisition of the 61 percent of the company it does not already own.
Discovery Communications agrees to buy Scripps Networks Interactive for $11.9 billion

The merger of two cable powerhouses brings together channels including Discovery, Science, Food Network and HGTV – and could give the combined company a stronger position as pay-TV continues to migrate to the internet.
Discovery/Scripps
Sinclair Broadcast Group agrees to buy Tribune Media for $3.8 billion

This deal, if approved, would give conservative-leaning Sinclair control of 223 stations in 108 markets, including 39 of the top 50, covering 72 percent of households in the country. And it's only possible under rule changes implemented by new FCC Chairman Ajit Pai.
Sinclair/Tribune
Cineworld offers to buy Regal Cinemas for more than $3 billion

After a string of movie theater mergers last year, the sector has quieted down -- along with the box office. And while this isn’t yet a done deal -- or even an accepted offer -- British chain Cineworld made a late November bid of $23 a share for the U.S.’s No. 2 cinema chain.
Cineworld/Regal
Meredith Corp. acquires Time Inc. for $2.8 billion

The magazine megadeal is a sign of changing times in the publishing industry, with the owner of esteemed brands like Time, Fortune and Sports Illustrated selling to the parent of Better Homes and Gardens and Country Life – backed by $650 million from big-time conservative donors the Koch brothers.
Meredith/Time
Verizon acquires Straight Path Communications for $2.3 billion

Straight Path may not be a household name, but it was the subject of a bidding war between AT&T and Verizon. The company is one of the largest owners of millimeter wave spectrum, seen as key to the buildout of 5G networks, which should power much faster mobile internet -- better for video -- in the near future.
Verizon/Straight Path
Disney buys the rest of BAMTech for $1.6 billion

The Mouse House jumped into internet TV in a major way in 2017, announcing upcoming Disney and ESPN-branded streaming services and acquiring the rest of streaming tech company BAMTech to power those products.
Disney/BAMTech
Entercom buys CBS Radio for $1.5 billion

CBS Radio was intended to be spun off from its broadcast parent in an IPO, but instead it was scooped up by a competitor. The combined company, now the second largest radio business in the country, owns and operates 244 stations in 47 markets.
Entercom/CBS Radio
MGM buys the rest of Epix for $1 billion

The independent studio went all in on the pay-TV business, buying the rest of the premium cable network from Viacom and Lionsgate. And that's paid immediate dividends, as MGM's media networks division propelled it to a strong third quarter.
MGM/Epix

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Rewind 2017: Media and content consolidation continued this year

While all eyes were on AT&T's $85 billion acquisition of Time Warner, announced in late 2016 but facing an antitrust lawsuit from the Justice Department, there were plenty of other megadeals in media, tech and entertainment that kept investment bankers busy in 2017.

Here are some of the biggest deals of the year:

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