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Comcast has raised the stakes in the bidding war for Sky.

Comcast made a new bid late Wednesday for the British broadcaster. Comcast's sweetened offer values Sky at £26 billion, or about $34 billion.

Earlier in the day, 21st Century Fox said it had a reached a deal to buy Sky that valued it at £24.5 billion, or about $32.5 billion. Fox already owns about 39% of Sky.

"Comcast has long admired Sky and believes it is an outstanding company and a great fit with Comcast," Comcast said in a statement.

Sky has become a pawn in a much larger struggle between Comcast and Disney, which are locked in a bidding war for most of Fox, including its existing stake in Sky.

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