Broadband Cable Association of Pennsylvania

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Today's BCAP Headlines

Comcast Corp. lobbed an official $31 billion proposal to buy European pay-TV operator Sky – but it may have a much bigger deal in mind down the road. Comcast’s official bid to buy Sky tops an existing offer from 21st Century Fox , which already owns a 39% stake in Sky. Comcast said it was considering such an offer in February. The official Comcast offer sent Sky shares more than 2% higher—and above the Comcast bid, suggesting investors are positioning for a bidding war. The formal bid kicks off what has been a long-expected corporate takeover battle pitting Comcast against Rupert Murdoch’s 21st Century Fox over the European TV giant. Sky said in response to the offer Wednesday that it was terminating its previous pact agreeing to the 21st Century Fox takeover. It said its board would also withdraw its recommendation for the Fox bid. 21st Century Fox, meanwhile, said Wednesday it remained committed to buying all of Sky.

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