A bidding war to buy European broadcaster Sky has officially begun.
On Wednesday, Comcast formally offered to pay about $30 billion for Sky.
Comcast's CEO said in a statement: "We are delighted to be formalizing our offer for Sky today. We have long believed Sky is an outstanding company and a great fit with Comcast."
Comcast's bid trumps a previous offer from another entertainment powerhouse interested in buying Sky — Rupert Murdoch's 21st Century Fox.
In late 2016, Fox offered to shell out $16 billion to buy the remainder of Sky it doesn't already own.
After Comcast's formal bid, Sky withdrew its recommendation that shareholders should accept Fox's offer. Still, Fox said in a statement it's committed to its bid and is "considering its options."
