New undertakings by 21st Century Fox in Sky takeover bid

Marvel  Disney

But Disney is reportedly prepping a counter-offer aimed at locking in the already-massive deal it made to acquire Fox late previous year.

Disney will also be restricted from selling Sky News for 15 years without the agreement of the Culture Secretary and, in addition, gave a formal commitment to preserve the editorial independence of Sky News.

Opposition to the Fox bid remains fierce in the U.K. Lobby group Avaaz has been a vocal opponent and was in the High Court in London on Tuesday seeking to persuade a judge that media regulator Ofcom's June 2017 decision that Fox and the Murdoch family would be fit and proper owners of all of Sky was flawed.

Disney has offered British authorities a commitment to operate and fund Sky News for 15 years and to refrain from selling it without the United Kingdom government's permission if Disney takes ownership of pan-European paybox Sky through various mergers and transactions. Hancock told the House of Commons, "I agree with the CMA that divesting Sky News to Disney, as proposed by Fox, or to an alternative suitable buyer, with an agreement to ensure it is funded for at least ten years, is likely to be the most proportionate and effective remedy for the public interest concerns that have been identified", he said on June 5.

Because of this, Pivotal is downgrading Disney from "hold" to "sell". Fox had in late 2016 bid 10.75 euros a share for the remaining part of Sky that it did not already own.

Image: Disney wants to buy the entertainment assets of Fox, which is Sky's largest shareholder.

Читайте также: Donald Trump readies $200 billion in China tariffs, citing 'unacceptable' policies

In the meantime, Comcast has emerged as a rival buyer for Sky, tabling a £22.1bn takeover bid.

It said at the beginning of April that it would continue funding Sky News for five years at the present level and for a further five years at a level "not materially different" from now.

CNBC reports that Disney is expected to add, for the first time, a cash payout on top of its standing all-stock offer of $52.4 billion for ownership of the bulk of 21st Century Fox.

Sky's board is not now recommending either the Fox or the Comcast offer to its shareholders.

With Comcast having officially entered a new bid to counter Disney's initial deal with 21st Century Fox, it's being said that Disney is looking to revise its original offer.

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