£37bn BIDDING WAR

THE takeover of Sky has become one of the most complicated in the City in recent years. It began when Rupert Murdoch’s 21st Century Fox made an £11.7bn offer for the 61pc of Sky it didn’t own in December 2016.

The deal became bogged down in concerns over Murdoch owning too many media outlets. Then in December last year, Disney came in with an offer to buy the entertainment assets of 21st Century Fox – which would include Sky – for £37bn.

This was trumped in February when US cable giant Comcast bid £22.1bn for Sky.

Hedge funds have been increasing their stake in Sky to reap maximum profit from the deal.