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21st Century Fox ups offer for Sky

21st Century Fox makes a higher bid for the part of Sky it doesn't already own in the latest twist to a complex takeover saga.

The company has increased its offer for Sky to £24.5bn, topping a previous offer from rival Comcast. 21st Century Fox is part of Rupert Murdoch's media empire.

Back in February, US media giant Comcast made a £22bn offer for Sky in February, which in turn topped a previous offer from Fox, which valued Sky at £18.5bn.

Fox says it's expecting to get regulatory approval from Britain this week for the deal. If it was successful, it would sell Sky News to Disney in order to meet a condition designed to prevent Rupert Murdoch-backed businesses from having too great a control over British media outlets.

But in turn, Disney wants to buy 21st Century Fox's entertainment assets, which would also include the company's stake in Sky. At the same time, Comcast is also wants to buy Fox. 

So if Comcast missed out to Fox in getting control of Sky this time around, it could still gain control of Sky by successfully acquiring Fox's assets instead. But in this scenario, Sky News would have been sold to Disney and would be a completely separate entity to the rest of Sky.