TheChek News Flow

Move is one of two proposals aimed at winning regulatory approval for Sky takeover

21st Century Fox Inc. FOX -1.90% on Tuesday said it could sell British TV channel Sky SKYAY 0.22% News to Walt Disney Co. to ease the passage of its takeover of broadcaster Sky PLC.

The suggestion is one of two proposals Fox has made to U.K. regulators to address media plurality concerns over its bid to acquire the 61% of Sky it doesn’t already own. The other proposal would ring fence Sky News.

The move is the latest twist in protracted talks between the media companies. Fox has been trying to take full control of Sky, while Disney has bid $52 billion separately for a big chunk of Fox assets, including its 39% stake in Sky. The two deals aren’t technically connected, but Disney views Sky as an important component of its deal and a key to its plans to expand its international footprint.

Fox said Tuesday that Disney had expressed an interest in acquiring Sky News, irrespective of whether Disney’s proposed acquisition of 21st Century Fox assets proceeds.

Fox also proposed separating Sky News from the rest of Sky, with operational independence for 15 years and funding guaranteed by Fox.

Fox and News Corp, which owns The Wall Street Journal as well as a string of British newspapers, share common ownership. The two companies, which split in 2013, each count the Murdoch family as a major shareholder.

Separately, Comcast Corp. in February said it was planning a £22.1 billion offer for Sky, topping Fox’s bid for the shares it doesn’t already own.

Dow -1.90% S&P -2.23% Nasdaq -2.74% Russell -2.41%

Broadly Sell Off - 11 of 11 S&P 500 sectors finished in the red -- and deep -- 8 of 11 groups lost at least 2.0%. AMZN -5.2% pushed consumer discretionary lower by 2,8%. Te ch -2.5%, INTC-6.1%. Despite the broad retreat, there were a few names that moved higher on Monday, including Humana(HUM 280.70, +11.87), which rallied 4.4% after a Wall Street Journal report that Walmart (WMT 85.55, -3.42) is in preliminary talks to acquire the health insurance company. Dow componentUnitedHealth (UNH 217.20, +3.20) advanced 1.5% in sympathy, but the health care sector settled just a tick above the broader market, finishing with a loss of 2.1%. US After Hours SWCH -15% following earnings, VIAB -3% on reports of low CBS bid. Asian stocks declined as a sell-off in once much-favored U.S. technology shares deepened and volatility soared, weighing on markets that resumed trading after the long Easter break. Havens like the yen maintained gains and Treasuries steadied. Equity benchmarks fell in Tokyo and Seoul, and retreated in Hong Kong where traders returned to their desks after a four-day weekend. Losses were cushioned as U.S. equity futures climbed. Australia’s Santos Ltd. surged after the energy producer received a takeover offer, helping the benchmark erase a decline on the first trading day after the Easter break. The South Korean won fell from a three-year high as officials warned against excessive movements. The Australian dollar had the biggest gain among G10 currencies against the greenback.

Nikkei -0.45% Hang Seng -0.505 CSI -1.04% Shanghai -1.18% Shenzen -1.28%

Eur$ .1.2312 CNH 6.2779 CNY 6.2895 JPY 105.99 GBP 1.4067 CHF 0.9550 RUB 57.4265 WTI$ 63.12 +0.17%

S&P +0.30% EuroStoxx -0.73% Dax -0.96% FTSE -1.03% SMI -0.88%

Macro :

- Asia Decoupling Is Still an Idea Ahead of Its Time: Macro View

- SocGen Warns of Late-Cycle Volatility Bursts in Months Ahead

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- Brookfield Mulling Takeovers of German Midcaps: Welt am Sonntag

- Buy U.S. Steel Ahead of ‘Very Bullish’ Catalyst, Citi Says

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- ACS SM : ACS, Atlantia Design Financing For Joint Abertis Bid: Europa

- AF FP : Air France Pilots’ Unions Call Strikes for April 10-11: Reuters

- AGN US : Allergan Is Said to Weigh Options for Women’s Health Unit

- AAL LN : Anglo American Suspends Minas-Rio Operations for Pipeline Checks

- AAPL US : Apple Said Planning Move From Intel to Mac Chips From 2020

- POST AV : Austrian Post Could Buy 35% of Volksbank Wien, Der Standard Says

- BABA US : Alibaba Buys Ele.Me in Deal That Implies $9.5B Enterprise Value

- BBA LN : BBA Aviation Is Said to Seek Buyers for ERO Division: S. Times

- BAMI IM : Banco BPM to Focus on Asset Management, Bancassurance: Sole

- BARC LN : Barclays Plans Share Buyback After DOJ Settlement: Sunday Times

- CA FP : Carrefour Worker Protests Block Entry to 30 French Hypermarkets

- CLNX SM : Two U.S. Firms Interested in Cellnex Stake: El Economista

- CVLT US : CommVault Takeout Possible in Private Equity Deal, Mizuho Says

- CVR LN : Molson Coors Brewer Interested in Parts of Conviviality: Times

- ENI IM : Eni Halts Black Sea Work With Rosneft on Sanctions: RBC

- HOME SM : Alken AM Notifies 3.11% Stake in Neinor Homes

- HSBA LN : HSBC Seeking to Boost Retail Banking in U.A.E.: Gulf News

- SHP LN : Takeda’s ability to fund Shire acquisition questioned as Moody’s warns of more debt - the Telegraph

- SGRE SM : Siemens, Iberdrola Seek to Heal Conflict Over Gamesa: Expansion

- SKY LN : Fox Proposes Undertakings on Sky Deal to U.K. Govt

- GLE FP : Societe Generale Creates Four New Positions in Dubai Hub

- SON PL : Sonae Picks Barclays, BNP, Deutsche for Retail Unit Listing: Eco

- STM FP : STMicroelectronics: Craig Hallum raises Q1/Q2 ests on better than expected auto and continued strength In IoT; Upcoming FY18 guidance likely above the street

- FP FP : Total Sees Revenue Growth of About 5% for Next Five Years: Echos

- UBSG SW : UBS Is Said to Seek Better Terms From Funds in Wealth Merger: FT

- UBSG SW : UBS Board Nominates Ex-Goldman Partner Fred Hu as Board Member

- UCB BB : UCB Says Data on Cimzia Shows Efficacy Over Four Years

- VICPA SS : Starwood Offers to Buy Swedish Firm Victoria Park for SEK 8.68b

- VOw3 GY : Audi Plans to Double China Sales by 2023: Automobilwoche

* Baker Hughes Upgraded to Overweight at Piper Jaffray; PT $39