>> Bidding and out bidding each other over and over. Hours after Rupert Murdoch raised an offer for Britain's Sky TV, rival Comcast raised its offer in a deal valuing Sky at $34 billion, topping Murdoch's offer from earlier in the day that would have valued it at $32.5 billion.
Reuters Kate Holton says the bidding war reflects the shifting sands in the global entertainment industry.>> Well, we're seeing some absolutely enormous deals going on in the world right now. I think the reason for this is because of the growth and success of companies like Netflix and Amazon.
And what it means is that the certain traditional major media companies feel that they have to, right now, have the best assets to be able to compete.>> The saga has been ongoing since 2016. Murdoch already owns 39% of Sky. His attempts to buy more in the past drew criticism from politicians wary of his influence over the press.
Earlier this year, Comcast launched its rival bid, only for 21st Century Fox to offer a renewed proposal that satisfied the British government's concerns. Disney is also in the fray, but for Fox assets further complicating proceedings. Sky's pay TV buys the winner access to a loyal customer base in 32 million households.