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Buoyant media sector supports European shares

Reuters  |  MILAN 

By Danilo MasoniMILAN (Reuters) - A buoyant media sector following a new bid for British pay-TV firm Sky drove European shares higher on Thursday, helping them to stabilise after heavy losses in the previous session when fears of an escalating trade war hit markets.The region's media index rose 1 percent, with Sky up 2.2 percent after U.S.-based Comcast submitted a $34 billion bid for the group a few hours after Rupert Murdoch's 21st Century Fox raised its offer.Sky traded above Comcast's recommended offer price of 14.75 pounds as investors bet Fox would make another higher bid."Fox has spent ...

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First Published: Thu, July 12 2018. 16:06 IST