It’s official: The battle for 21st Century Fox assets moved across the Atlantic with dueling bids for satellite-TV provider Sky .

The market had been expecting higher bids and it got them.

Fox bumped its bid for European pay-TV leader Sky to £14 ($18.56) a share on Wednesday, topping Comcast ’s earlier offer of £12.50. The new price values Sky’s equity at roughly $32 billion, but because Fox already owns 39% of Sky, the U.S. group—and by extension its would-be acquirer Walt Disney —is actually bidding $19 billion for the remaining shares.

Comcast late Wednesday returned to the table with a sweetened offer of £14.75 a share. That is 18% above its last offer and a rich price that isn’t likely to be topped. The climax of this drama could have Comcast walk away with Sky while Disney gets the rest of Fox.

Sky has agreed to the Fox deal, citing generous valuation multiples. Fox’s bid equates to roughly 14 times Sky’s 2017 earnings before interest, taxes, depreciation and amortization. That compares with 13 times historic Ebitda for AT&T ’s acquisition of Time Warner, according to FactSet. Even this is arguably a flattering comparison for Sky, which is more a distributor than a creator of content like Time Warner: Distributors usually fetch lower valuations.