Sky News and 21st Century Fox are now both fine with the idea of The Walt Disney Company buying Sky News (DStv 402) from Sky in the United Kingdom - if this makes the deal possible for 21st Century Fox to do a buy-out take-over transaction of the rest of the Sky satellite pay-TV platform without the news channel.
The current problem of 21st Century Fox doing a take-over of Sky in the United Kingdom, revolves around whether if would lessen media plurality in the UK too much of 21st Century Fox that owns several British newspapers, also gets its hands on Sky News.
And if this isn't too complex already - there is also Disney that's waiting for regulatory approval to take over ... parts of 21st Century Fox.
In February 21st Century Fox that still wanted all of Sky, said it would put up "firewalls" to prevent Fox meddling in Sky News, and that it will guarantee to continue to keep the loss-making Sky News on the air for at least 5 years after a Sky take-over.
Now 21st Century Fox has amended its offer again in its desire to acquire the rest of Sky.
In the latest filing submitted to the Competition and Markets Authority in the United Kingdom and published on Tuesday, Fox now says Disney could buy Sky News which would leave 21st Century Fox with the rest of Sky.
"The Walt Disney Company has expressed an interest in acquiring Sky News, with a view to adding it to Disney's existing portfolio of television channels, whether or not Disney’s proposed acquisition of 21 Century Fox proceeds" says Fox.
Fox is also keeping its other option on the table and has sweetened that deal further, increasing its guarantee to fund Sky News as a firewalled entity for 15 years.
Disney issued its own statement supporting 21st Century Fox's idea of selling Sky News to Disney.
"If the Secretary of State for Digital, Culture, Media and Sport agrees, and Fox acquires Sky, Disney would buy Sky News and agree to sustain the operating capital of Sky News and maintain its editorial independence. The divestment of Sky News to Disney is separate from, and not conditional on, Disney’s acquisition of Fox," says Disney.
Meanwhile America's big pay-TV behemoth, Comcast, is also after Sky.
Meanwhile Sky also issued a press statement on Tuesday, also welcoming the 21st Century Fox plan.
"Sky believes that both of these remedy proposals comprehensively address any plurality concerns the Competition and Markets Authority may have, and would guarantee the long-term future of Sky News and its ongoing editorial independence."
"As the regulatory process remains ongoing, shareholders are advised to take no action at this stage," said Sky.
