Fox raises Sky bid to $32 billion to undercut Comcast

The battle for Rupert Murdoch's media empire continues.

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OFCOM Considers The Multi-billion Pound Takeover Of SKY By 21st Century Fox

Fox has upped its bid for Sky to $32 billion.

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Fox reportedly upped its offering for Sky to $32 billion in the latest move in its bidding war with Comcast .

The offer follows Comcast's $31 billion bid in April, when it faced off with Rupert Murdoch's 21st Century Fox for control of Britain's biggest pay-TV company.

Sky shares fell by up to 2 percent in early trading Wednesday, Bloomberg reports, since some investors expected Fox to make a higher offer.

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Sky is already 39.14 percent-owned by Fox, but the effort to secure the remainder is part of a wider battle between Comcast and Disney -- which is drawing closer to taking over Fox -- over full control of Murdoch's media empire.

Neither Fox nor Sky immediately responded to requests for comment.