Comcast sparks prospect of bidding war for Sky after gatecrashing Fox deal

US media giant Comcast has unveiled a formal £22 billion offer for Sky, setting the stage for a bidding battle with Rupert Murdoch's 21st First Century Fox and Walt Disney to snap up the pay-TV group.

Comcast confirmed its bid at £12.50 a share, as first proposed in its approach two months ago, which marks a 16% increase on the £10.75 a share offered by Fox to buy the 61% of Sky is does not already own.