Comcast Formally Takes on Murdoch with £22 Billion Sky Bid

U.S. cable giant Comcast formalized Wednesday its £22 billion takeover bid for pan-European satellite TV group Sky, outbidding Rupert Murdoch's 21st Century Fox, whose lower offer has hit UK antitrust hurdles.

Comcast had already in February tabled an informal bid worth £22 billion ($30.7 billion or 25.1 billion euros).

"We are delighted to be formalizing our offer for Sky today," Comcast chairman and chief executive Brian L. Roberts said in a statement to the London Stock Exchange.

"Comcast's superior cash offer values each Sky share at £12.50 -- a significant premium to the 21st Century Fox offer price," he added.