Comcast Corp. extended a $31 billion offer to acquire European entertainment company Sky.
Here are three things to know about the possible offer.
1. Comcast's offer outpaces 21st Century Fox's long-standing bid for Sky, which valued the company at about $13.15 per share in December 2016. Comcast's offer is a 16 percent increase over 21st Century Fox's valuing.
2. Comcast said the "acquisition would enhance the entertainment, distribution, and technology leadership of Comcast, and importantly expand Comcast's international footprint to more effectively compete in the rapidly changing and intensely competitive entertainment and communications landscape."
3. 21st Century Fox acknowledged the competing bid and restated its commitment to acquire Sky.