American communications company Comcast Corporation (NASDAQ:CMCSA) announced on Wednesday that they will be offering a bid to purchase the UK-based communications and entertainment company, Sky PLC (LSE:SKY.L)…

Comcast announced that they have put in a superior cash offer of approximately £12.50 per share for a total of £22.0 billion, or nearly US $30.6 million.

Twenty-First Century Fox (NASDAQ:FOXA) has also offered to purchase Sky for £10.75 per share, or nearly $16.5 billion, according to an article in the Washington Post.

Although this may have started a bidding war, Sky was quick to respond to the announcement of Comcast’s offer.

In response to Comcast’s new offer, Sky released a statement saying that the Independent Committee has withdrawn its recommendation of Fox’s offer and will be terminating the Cooperation Agreement that they had with the American media company, due to the “announcement of [Comast’s] higher cash offer.”

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Brian L. Roberts, Comcast’s CEO and Chairman, has said that the company “[believes] Sky is an outstanding company and a great fit with Comcast.”

Comcast also announced their first quarter financial results on the same day.

The company’s earnings per share increased to $0.66, up by 24.5%, while consolidated revenue also increased, rising by 10.7% to $22.8 billion.

Regarding the financial results, Roberts mentioned the recent Winter Olympics in PyeongChang, South Korea, “were an incredible event that showcased [their] capabilities and collaboration throughout the company.”

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Shares of Comcast went up by nearly 3% on Wednesday already reaching a high of $34.78 after closing on Tuesday at $33.35.

Shares of Sky have gone up by nearly 4% to approximately $1359.00, while shares of 21st Century Fox have only risen by about 2%, to nearly $36.20.

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