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If News Corp. wants to buy the remaining shares of Fox, it may have to increase its offer in order to get the minority shareholders to go along.

If everything goes according to plan, News Corp. will gain possession of Fox Network, 20th Century Fox film studios, Fox News Channel and its 34 percent interest in DirecTV.

Right now News Corp. only owns 82.1% of Fox.

"We really took Fox public as a way to drive value into the stock," said News Corp CFO, David Devoe.

"While we believe that there is much merit in completing this transaction, we also note that we obviously already control and operate Fox through our 82 per cent position and therefore the operational benefits of this transaction are limited (but) it will be a significant milestone in the simplification of our company structure."

The $5.86 billion deal still depends on a "favorable tax ruling and receipt of tenders for a majority of the outstanding Fox stock, will not dilute the Murdoch family's 29.5 per cent interest in News Corp's voting stock."

According to a New Ratings article, Newscorp denies any links to Liberty Media, which owns an 18% voting-share stake in News Corp, in its Fox offer.

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