Elsewhere, AT&T, another large telecom company that hardly produces any programming, is trying to close its $48.5 billion takeover of satellite TV company DirecTV, which is also awaiting regulatory approval.
As the media industry landscape evolves, technology companies such as Google, Apple or Amazon could also be tempted into bidding for Time Warner as opposed to trying to produce video content on their own, people familiar with Time Warner's thinking said.
Time Warner shareholder Mario Gabelli told Reuters Insider TV on Wednesday that he thought both Google and Apple were possible bidders.
Read MoreHow Murdoch could rule US media
But for now, Google's investment in content is focused on its YouTube unit while Amazon has spent money on original TV shows for its online video service. Apple's media bets have so far been on music, illustrated by its purchase of Beats Music in May for $3 billion.
"If I were Time Warner, I would wait. A year or two from now, they will have competition for the assets actually," said an industry banker who is not involved either with Time Warner or Fox.
"The only downside of waiting is if you believe that multiples are going to contract in the next year or two. Nobody assumes that the markets are going down," the banker said.
Read MoreMegamergers in media: Who might be next?
For Fox, stars seem to be aligned for a deal. Financing remains cheap, making it easy for Fox to borrow the cash it will need for the deal. Its stock, which Fox wants to use to finance 60 percent of its bid, is trading at a lofty multiple to earnings.
"In our experience, if Mr. Rupert Murdoch wants an asset, he will wait and pay to get it," ISI analyst Vijay Jayant said.