CMA publishes latest Fox remedies for Sky bid

Acquisition: Fox Proposes to Sell Sky News to Disney

Disney's intent was revealed amid new remedies Fox submitted to the U.K. Competition and Markets Authority (CMA) as the company seeks to fully acquire Sky for $25.8 billion.

In an attempt to stave off CMA concerns, an offer has been tabled that would see Disney buy Sky News to add to its portfolio of TV channels.

Provisional findings from the CMA found that the merger could be against the public interest, as it would reduce the independence of Sky News and give the Murdoch family increased influence over the media. Sky News would be transferred to this new company, which would have its own management and independent board.

Sky reacted to the latest remedies offered and said that it believes that both these offers ultimately address particular plurality concerns the CMA may have and would promise the upcoming future of Sky News and its ongoing editorial independence.

21st Century Fox has given the U.K. Competition and Markets Authority (CMA) two new proposals created to address the regulator's concerns regarding the planned takeover of British broadcaster Sky.

Fox said its new concessions went beyond the steps that Britain's media regulator Ofcom said would mitigate concerns about Murdoch's influence.

Fox had already pledged to ensure the independence of Sky News.

Sky News could end up being sold to Disney before the rest of Sky.

The competition watchdog is expected to give its verdict on the Fox's Sky bid by May 1, leaving the final decision on whether to approve the deal to Culture Secretary Matt Hancock by mid-June. The Murdoch family's news outlets are now consumed by almost a third of the UK's population across TV, radio, online and newspapers. Murdoch previously planned to buy the 61 percent of Sky that Fox doesn't own to sell Fox's media businesses to Disney. Fox now owns more than a third of Sky's shares and has bid $16.5 billion for the remaining stake in the company.

"As the regulatory process remains ongoing, shareholders are advised to take no action at this stage", the company said.

"More importantly, we think the news and today's comments from Sky point to a revised bid from Fox/Disney to trump Comcast's 1250p bid", they said. The principle reason behind this was broadcasting standards and plurality concerns.

Fox warned the CMA against accepting "a number of unsupported and fanciful assertions" by "a group of politicians", including Ed Miliband and Sir Vince Cable, who opposed to the deal.

Comcast's offer of 12.50 pounds per Sky share exceeds a 10.75-pound offer by Fox. "A further announcement will be made as and when appropriate", it added.

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