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Fox's bid for the rest of Sky (in which Fox currently has a 39 percent stake) was part of a larger deal with the Walt Disney Company. In December, Disney agreed to buy a slew of Fox's assets including a stake in Sky.
Comcast, the parent company of NBC and Universal Studios, said its offer for Sky comes out to roughly 12.50 pounds a share, significantly higher than Fox's proposed 10.75 pounds a share.
Cramer argued that Comcast's $31 billion bid complicated the predetermined deal between Disney and Fox, upping the ante and potentially forcing Disney's hand to pay more for Sky.
"There are many permutations to these machinations, too many to mention here, but both Disney and Comcast want this asset so I bet a bidding war does ensue," the "Mad Money " host said on Tuesday.
Shares of both Comcast and Disney declined on the news. For Cramer, whose charitable trust owns shares of Comcast, the short-term pain was worth the long-term gain.
Cramer attributed Disney's stock decline to the forced-hand scenario: now that Comcast has thrown its hat in the ring, Disney will likely have to pay more for Sky if it wants to maintain the terms of its deal with Fox.
"But long-termers, don't despair," Cramer said. "Disney is still a fabulous story, with or without the British satellite TV business and its ancillary distribution in Europe."
In a statement on Comcast's offer, Comcast Chairman and CEO Brian L. Roberts called Sky "a perfect fit," touting its 23 million customers and key presence in the U.K., Italy, and Germany.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com. Also, Cramer's charitable trust owns shares of Comcast.