The skirmish to control British broadcaster Sky comes as some of the worlds’ most influential media moguls try to find ways to stay relevant at a time when American consumers are cutting their cable subscriptions and spending more time online. The rapidly changing media landscape is forcing legacy entertainment giants to consider spending tens of billions of dollars in order to keep pace with upstarts like Netflix and Amazon.
This week, that bidding battle will be settled once and for all as Britain's Takeover Panel instigated a formal auction process to decide the fate of the Sky acquisition. Twenty-First Century Fox and Comcast will go head-to-head to gain ownership of the British firm. If Murdoch's Fox emerges victorious, Disney could gain control of Sky, as the media conglomerate has agreed to buy Fox for $71.3 billion in cash and stock.
CNBC takes a look at how things stand in one of the most intriguing global media battles in decades.