Fox reportedly upped its offering for Sky to $32 billion in the latest move in its bidding war with Comcast.
The offer follows Comcast’sin April, when it faced off with Rupert Murdoch’s 21st Century Fox for control of Britain’s biggest pay-TV company.
Sky shares fell by up to 2 percent in early trading Wednesday, Bloomberg reports, since some investors expected Fox to make a higher offer.
Sky is already 39.14 percent-owned by Fox, but the effort to secure the remainder is part of a wider battle between Comcast and Disney — which is— over full control of Murdoch’s media empire.
Neither Fox nor Sky immediately responded to requests for comment.