Comcast's $31 Billion Bid For U.K.-Based Sky Complicates Murdoch Plans

Every time Rupert Murdoch gets closer to control of the British-based entertainment and TV giant Sky, new obstacles arise. The latest challenge could shatter his plans — or make him a richer man. On Wednesday, the Comcast Corporation made a formal bid to buy a majority control of Sky in a deal valuing the British company at $31 billion. Murdoch's 21st Century Fox already owns 39 percent of Sky — a company he founded more than a generation ago — and in late 2016, Fox had struck a deal to acquire the rest. Now, Sky's independent directors have withdrawn their support for the Fox deal, as Comcast offers a 16 percent premium above Fox, and that sets the scene for a possible bidding war. Looming over the shoulder of 21st Century Fox is the Walt Disney Co. Disney struck a deal to buy most of its entertainment properties , including its stake in Sky. That deal awaits approval of U.S. regulators. 21st Century Fox said in a brief statement that it was committed to its initial offer and was