Comcast (NASDAQ:CMCSA) has formalized its offer for British broadcaster Sky (OTCQX:SKYAY), along with commitments to maintain its annual budget and editorial board independence, in a deal valued at about $31B.

Comcast said the "superior" cash bid was a 16% premium to the existing offer from Twenty-First Century Fox (NASDAQ:FOX), which has also been trying to buy the 61% of Sky that it doesn't already own.

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