Mr Malone, whose company owns 9.2 per cent of News's voting shares and an economic stake of 17.7 per cent, hinted at a game of global asset trading as he sought to gain full control of pay-TV group Discovery.
To do that he needed assets desired by the two companies that own the remaining 50 per cent of Discovery.
ABN Amro analyst Peter Shorthouse suggested News's 50 per cent stake in Fox Sports Australia, ESPN Star Sports and National Geographic International could be for sale.