Fox could face further competition from the U.S. cable giant Comcast, however, after it forced Sky's independent directors to drop their previous backing for Fox with an unexpected £12.50-a-share bid for the group in February.
Fox raised its bid for the roughly 61% of Sky it doesn't already own by more than 30%, to £14 a share, in a deal that values all of Sky at £24.5 billion ($32.5 billion). Those assets include the Fox's Hollywood studios, content library, cable channels, global networks, and a 39-percent stake in Sky. Sky's shares closed at £15.01 on Tuesday, suggesting shareholders think the battle is not over.
Both Fox and Disney have scheduled special shareholder meetings for July 27 in NY to approve the cash-and-stock deal to sell $71 billion in Fox assets to Disney.
Comcast has said that Sky is very important because it could take the US -bound cable and internet giant into global markets.
Sky has always been seen as Comcast's priority by many analysts when it came to bidding on Fox, though it was previously believed that Comcast might be making a play for 100 percent ownership of Sky prior to the bidding war with Disney.
Comcast and Walt Disney are locked in a separate $US70 billion-plus battle to buy most of Fox's assets, which would include Sky.
Comcast said its cash offer has been recommended by Sky's independent committee of directors and that it has committed the financing required for the deal. However, completion of the Sky acquisition is not a condition to completion of the Disney deal, nor will it affect the amount or form of consideration that stockholders of 21CF receive in the Disney transaction, Fox said.
"It's too low", Odey, a former son-in-law of Murdoch whose eponymous hedge fund is a Sky shareholder, said of the sweetened Fox offer.
One hedge fund manager with a stake in Sky welcomed that pledge as a sign that Disney backed Fox in the battle.
KitGuru Says: No matter who ends up getting their hands on Fox's assets, the loss of competition from such a large player in the market is sure to be felt across the entertainment industry. The media mogul's previous effort to buy out the rest of Sky foundered amid Britain's 2011 phone-hacking scandal, which hardened opposition to Murdoch's influence over the United Kingdom media landscape.