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Why Investors Should Hold Out for a Sky-High Price

Sky could end up the consolation prize in the battle for Fox. But that doesn’t mean it won’t fetch a blockbuster price.

Shares in the European pay-TV giant, which has received rival bids from Fox and Comcast this year, slipped almost 2% Wednesday. This followed news late Tuesday that AT&T and Time Warner will be allowed to merge, which was followed by Comcast’s big bid for Fox on Wednesday.

Investors’…

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