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Comcast increased its takeover bid for Sky on Wednesday, topping the latest offer from Rupert Murdoch's 21st Century Fox and escalating a global standoff between the media giants.

Comcast, the largest U.S. cable company, is now offering 14.75 pounds a share for Sky, valuing Britain's top pay-TV provider at 26 billion pounds ($34 billion). That compares with a 14 pound-a-share proposal from Fox.

The move is the latest twist in an international M&A tussle that also includes Walt Disney Co. Both Comcast and Disney have been vying to acquire Fox's entertainment assets, a contest that will affect the Sky bidding war.

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