The controversial move comes five years after the media mogul’s bid to take full control of the satellite broadcaster was turned down.
Shareholders are yet to vote on the formal offer, which will see Fox pay £10.75 per share for the 61% it needs to take full control.
Labour raised objections to the takeover and demanded the Prime Minister stood by her promise to stand up to powerful interest groups.
Culture Secretary Karen Bradley now has just nine days to decide whether the deal should be referred to Ofcom.
Tom Watson, deputy leader of the Labour Party, said Mrs Bradley “must refer the bid to Ofcom, to assess whether it would result in too much media power being concentrated in too few hands”.
But Martin Gilbert, deputy chairman of Sky, said a deal would “accelerate and de-risk the delivery of future value for all Sky shareholders”.
Meanwhile, football could be the biggest winner out of a deal.
Sky could increase its bid to show Champions League and Europa League matches, with Mr Murdoch’s cash behind them.
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