Shares in Sky rose 3% to £15.38 on Thursday after Comcast put in a £26 billion bid for the group just hours after Rupert Murdoch’s 21st Century Fox raised its offer to £24.5 billion.
Comcast said it had the backing of Sky’s independent directors for a £14.75 per share offer that came just 16 hours after 21st Century Fox offered £14 a share.
Sky Deputy Chairman Martin Gilbert said that Comcast’s offer represent an “attractive premium to the current alternative offer”.
He added, “We have long recognised the unique position that Sky occupies and unanimously recommend this offer by Comcast.”
Sky’s shares have risen 95% since Fox made its first bid in 2016, and have risen 55% in the last year.
The fight for Britain’s leading pay-TV group is part of a bigger battle that has pit Comcast and Walt Disney in a separate $70 billion-plus battle to buy most of Fox’s assets, which would include Sky.