21st Century Fox is reportedly readying a new offer for Sky to fight off Comcast's rival $29 billion bid, which is all happening during Comcast's and Disney's fight over Fox. Its board had previously approved Fox's takeover of the company, but withdrew that blessing after Comcast unveiled its counteroffer in April.
Disney's bid to buy out the majority of Fox's entertainment assets was the talk of the town a year ago, until the two companies hit a roadblock - an anti-competitive complaint by the Department of Justice.
The Department of Justice highlighted that Disney already owned a good chunk of the sports entertainment industry with ESPN, claiming that Fox's added assets would result in anti-competitive domination of the field.
Shares in Sky Plc were down 0.8 percent at 14.90 pounds, suggesting investors believe Comcast could come back with another improved offer.
The then Culture Secretary, Matt Hancock, said last month there would be no public interest concerns with a Comcast takeover of Sky.
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Hedge funds including Elliott have bought into Sky in recent months and other vocal shareholders such as Crispin Odey have demanded that the independent directors secure a better deal.
Fox's biggest shareholder is the Murdoch Family Trust, which is also the biggest shareholder in News Corporation, owner of The Sun, The Times and The Sunday Times, some of Britain's bestselling and most influential newspapers.
One hedge fund manager with a stake in Sky welcomed that pledge as a sign that Disney backed Fox in the battle. On Tuesday, he said he intends to announce his final decisions by tomorrow July 12.
Of course, there's still time for Comcast to make yet another counteroffer, forcing Disney to increase its bid once more. Rupert Murdoch's 21st Century Fox has raised its offer for Britain's Sky.
Murdoch had previously tried to buy Sky in 2011 when a phone hacking scandal at his News of the World tabloid sparked a political backlash over his role in Britain.