Photo by In Pictures Ltd./Corbis via Getty Images

Disney has offered to fund Sky News for 15 years and not sell the property without regulators' permission, according to a statement from the U.K. Secretary for digital, culture, media and sport with revised merger conditions offered by 21st Century Fox, which is trying to acquire the British broadcaster for $15 million.

Why it matters: Disney is taking on these responsibilities in an effort to win a bidding war with Comcast in the U.S. for Fox's entertainment assets, which would include its stake in Sky.

The bigger picture: Fox currently owns 39% of Sky and is looking to acquire majority ownership to give its potential new owner, Disney, an opportunity to reach an international audience with its broadcast and streaming rights. But Comcast has also submitted a bid for Sky to similarly access an international streaming property, and regulators have cleared Comcast's bid.

The statement indicates that 21st Century Fox has submitted a revised proposal to the UK's competition authority sell Sky News to The Walt Disney Company for an additional five years (up from 10 years previously offered) if it would help ease regulators' concerns over media plurality. Fox has also revised its proposal to:

  • Increase the total funds available to Sky News, to at least £100 million per year, with operating costs protected in real terms, totaling up to $2 billion USD.
  • Include a formal commitment from Disney to preserve the editorial independence of Sky News

In a statement, Fox says it welcomes today’s announcement and looks forward to a final decision clearing its transaction.

Go deeper

Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3 on Election Day until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Report: Goldman to settle DOJ probe into Malaysia's 1MDB for over $2B

Illustration: Lazaro Gamio/Axios

Goldman Sachs has agreed with the Department of Justice to pay over $2 billion for the bank's role in Malaysia's multi-billion dollar scandal at state fund 1MDB, Bloomberg first reported.

Why it matters: The settlement, expected to be announced within days, would allow Goldman Sachs to avoid a criminal conviction in the U.S. over the bribery and money laundering scandal that saw three of its former bankers banned for life from the banking industry by the Federal Reserve Board.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!