Due diligence is still underway, and a deal is not certain, the company says.
If a deal does go ahead, it would not require Sky to raise new equity, but it would require shareholder and regulatory approval.
Sky investors haven't reacted with excitement about the news, with the share price down almost 7% since the news broke.
BusinessDesk managing editor Pattrick Smellie joined Heather du Plessis-Allan.
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