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21st Century Fox said to be preparing new bid for Sky

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Rupert Murdoch's 21st Century Fox is preparing a new bid for Sky which would value it at around £25bn ($33bn), according to the Financial Times, as it tries to outbid the latest offer from US cable giant Comcast.

Fox is expected to make the new offer at a premium to Comcast's most recent bid of £12.50 a share, the newspaper said citing sources.

Last month, the UK government cleared the way for a multi-billion-pound bidding war for Sky between 21st Century Fox and Comcast.

Culture Secretary Matt Hancock cleared Comcast's bid, and said Fox could go ahead if it sold Sky News.

Fox had been chasing approval from UK regulators since 2016 to buy the 61% of Sky it does not already own but there were concerns it could give Mr Murdoch too much power over UK media.

Australian billionaire resigns from board of his media firm

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Australian billionaire James Packer has resigned from the board of his family's company Consolidated Press Holdings (CPH), according to media reports.

He resigned as director of his casino empire Crown Resorts Limited in March due mental health issues.

At the time, a CPH spokesman said the businessman intended to step back from "all commitments."