British-based Sky said Tuesday it could shut down Sky News if its ownership in the news channel proves to be a deterrent in a $15.4 billion takeover bid by Rupert Murdoch's 21st Century Fox.

The threat from Sky comes as British regulators are closely examining the bid with a focus on the country's rules surrounding broadcast diversity on news broadcasts to the public.

Murdoch's News Corp. also owns the London-based newspapers The Times and The Sun.

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In its submission to regulators, published Tuesday, Sky noted its "current contribution to plurality" should not be assumed.

“The CMA (Competition & Markets Authority) should not in its assessment simply assume the ‘continued provision of Sky News’ and its current contribution to plurality, ‘absent the Transaction,' " reads the submission.

"Sky would likely be prompted to review the position in the event that the continued provision of Sky News in its current form unduly impeded merger and/or other corporate opportunities available in relation to Sky’s broader business, such as the [Fox takeover], in particular having regard to any views expressed by shareholders regarding the denial of such opportunities,” the submission states.

21st Century Fox currently owns 39 percent of Sky but is bidding for full control of news channel.

The development comes one day after reports that 21st Century Fox has discussed selling most of its business, including its Sky stake, to Disney.

Fox News and Fox Sports would not be part of the assets included, according to CNBC.