[Horizon]

As per my above comments, Fox had to say what it was going to do in regards to its bid for Sky by this Thursday. On Tuesday, it formalised its existing bid for Sky which basically gives Fox and Disney additional time to decide whether they will put in a higher bid and they have until the end of September to decide now.

I thought as Disney submitted papers last month stating that Fox needed Disney's permission for a higher bid and the CNBC report on this, it was all over and done with and Comcast had won Sky. I've now completely changed my mind on this for this reason:

Tonight, Disney released its latest earnings report and Bob Iger (Disney's boss) at the beginning of his webcast gushed about Fox's assets he was buying including Sky. The best bit, though, came at the end of the webcast, when in reply to a question about whether Iger was going to pursue Sky or not, he said, "since it's a fluid situation and open matter, we're really not going to comment any further about it. "

Open and fluid, does not mean closed and given up. Expect either a higher Fox offer for Sky in the next six weeks, or a direct bid from Disney.

A few months ago, Iger remarked abut Sky calling it the "crown jewel" in Murdoch's empire.

I don't know who will ultimately get Sky, but if Sky is a crown jewel, it will be fought over viscously by these companies bidding for it. This ain't over yet by a long shot, in my opinion.