Comcast said Tuesday that it has bought a 29 percent stake in Sky, after winning a bidding war for the European pay-TV company in a weekend auction with a $38.8 billion offer.
Comcast bought 499.6 million shares at $22.65 each, the same price as its final bid in the auction for Sky which British regulators held between the cable company and 21st Century Fox.
Comcast said it is now seeking to make further market purchases of Sky at the same price, according to Reuters.
Fox continues to hold a 39 percent stake in Sky, which it is selling to Walt Disney as part of a separate deal.
Comcast needs the support of more than 50 percent of Sky's shareholders to seal control.
It needs 50 percent of the stock plus one share to complete its takeover.
21st Century Fox is the parent company of FOX News and FOX Business.