April 25 (UPI) -- Comcast finalized its bid for European broadcaster Sky on Wednesday, offering $17.45 per share to top the offer from Rupert Murdoch's 21st Century Fox at $15 per share.
Comcast's $31 billion offer for Sky was initially announced in February. Combining Sky -- which brings entertainment and communications services primarily in Great Britain, Germany and Italy -- with Comcast would bring "attractive financial benefits" to Comcast shareholders, the corporation said.
"We are delighted to be formalizing our offer for Sky today. We have long believed Sky is an outstanding company and a great fit with Comcast," Comcast CEO Brian Roberts said in a statement. "Sky has a strong business, excellent customer loyalty, and a valued brand. It is led by a terrific management team who we look forward to working with to build and grow this business."
Fox owns 31 percent of Sky and attempted to take full control in 2016 before the deal was held up by regulatory issues.
Fox said in a statement that it "remains committed to its recommended cash offer for Sky announced on 15th December 2016, and is currently considering its options. A further announcement will be made in due course."