United Kingdom-based Sky News may soon be owned by the Walt Disney Company.
A proposal for the sale was published Tuesday by 21st Century Fox.
According to 21st Century Fox, Disney wants to get its hands on Sky News whether or not a planned, $52 billion purchase of a big chunk of 21st Century Fox is successful.
Under the second proposal, Sky News would be legally separated from the rest of Sky in a bid to ensure its editorial independence.
US cable and entertainment company Comcast also made a bid of its own for Sky in February, offering more per share than 21st Century Fox.
Sky produces and distributes news and entertainment programming across Europe, where it also provides broadband services.
At a time when US consumers are cutting their cable subscriptions and spending more time online, Disney and Comcast are both seeking to add new customers overseas.