The 21st Century Fox logo is displayed outside the News Corporation building in the Manhattan borough of New York City, New York
INTERNATIONAL - Rupert Murdoch’s 21st Century Fox said it had agreed to buy Britain's Sky in a deal valuing the pay-TV group at $32.5 billion (R437bn), trumping a rival offer from US group Comcast. 

The battle for Britain's leading pay-TV group reflects major shifts in the global entertainment industry as the world's biggest media giants battle each other for multibillion-dollar deals to be able to compete with Netflix and Amazon. Fox, which owns 39percent of Sky and is due to gain British regulatory clearance for the deal this week, upped its offer to £14 per share, from its earlier £10.75 per share. 

The agreed price represents an 82percent premium to Sky’s shares in December 2016, before it struck its original deal to buy Sky.