Comcast outbids Fox in auction for Sky valuing media company at £29.7bn

Comcast has triumphed in the auction to buy Sky plc, the owner of Sky News,for £29.7bn in the biggest takeover ever seen in Europe's media industry.The US giant's victory follows a dramatic shoot-out with US entertainment giant 21st Century Fox in a rare three-round auction overseen by the Takeover Panel.Both companies want Sky to help them compete more effectively with the new wave of online entertainment providers, including streaming services provided by the likes of Netflix and Amazon