Comcast tops Fox with $34B cash offer for Sky

July 12 (UPI) -- Not even a day after 21st Century Fox said it had an agreement to buy British broadcaster Sky, Comcast has upped the ante with a last-minute cash offer of $34 billion.

Comcast said it's earmarked funds for the bid, which was recommended by the independent committee of Sky.

Earlier Wednesday, Fox Executive Chairman Rupert Murdoch announced his company had outbid Comcast with a $32.5 billion proposal.

The rival companies have been competing for Sky since Comcast gave an initial offer in April. The battle is part of a larger contest between Disney and Comcast to take over many of Fox's media and entertainment assets.

British regulators are concerned Fox owning Sky could give the Murdoch family too much influence over media matters. Jeremy Wright, British secretary for digital, media, culture and sport, is expected to make a final decision.

Philadelphia-based Comcast said it has received regulatory approvals from Britain, the European Commission, Austria, Germany and Italy, and expects the deal to close before October.