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    The Real Reason Behind the Bidding War for Sky

    Comcast, Disney and Fox all believe Europe’s pay-TV leader will give them heft to fight back against Netflix

    The cable industry is undergoing a major transformation, as more Americans cut the cord on their cable subscriptions and flock to streaming services like Hulu and Netflix. So how did we get here? Illustration: Shaumbe Wright/WSJ
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    The world’s media titans are locked in battle over Sky. The company driving the multibillion-dollar bidding drama is happily sitting on the couch: Netflix.

    Comcast gate-crashed an already lively party Tuesday by offering £12.50 ($17.50) a share for Sky. That is 12% more than the £10.75 on offer from 21st Century Fox and, by extension, Disney, which wants to buy Sky along with other Fox assets.

    Including...