Disney to buy Sky News to help Fox sale

SKY News could be bought by Disney in a deal aimed at pushing 21st Century Fox’s £11.7bn takeover of Sky over the finishing line.

Fox is willing to either sell the news arm or spin it out into an independent company in a bid to secure the approval it needs from regulators.

It revealed Disney had come forward as a potential buyer for Sky News, a move that would neatly address concerns raised by the Competition and Markets Authority.

The CMA fears Fox’s takeover of Sky could hand rupert Murdoch, Fox’s chairman, too much sway over the media.

But Disney is set to buy most of Fox – including Sky – for £39bn at the end of this year and officials say their concerns would fall away under its ownership.

The entertainment giant’s intervention yesterday to sweep away regulatory hurdles is the latest signal of its keen interest in Sky. Disney’s boss Bob Iger has called the British firm – with its 21m customers across europe – a ‘crown jewel’ in the deal with Fox.

But the dramatic move is unlikely to ease pressure on Fox to increase its bid for Sky.

US cable giant Comcast has also swooped for the company with a £22bn offer, although it has yet to make this formally.

Meanwhile, ruthless hedge funds have amassed a 13pc stake in Sky in the hope a bidding war will break out.

Yesterday Fox said its proposals resolved ‘all questions’ about its takeover of Sky.

Gerson Zweifach, Fox’s group general counsel, added: ‘We look forward to concluding this deal – finally – in a timely and expeditious manner.’

Sky said the proposals ‘address any plurality concerns the CMA may have’.