The proposal is one of two alternative remedy proposals that been submitted by Fox to the UK Competition and Markets Authority and published Tuesday.
The second is simply a legal separation and comprehensive ringfencing of Sky News.
The loss-making news channel has become a key focus of the CMA’s investigation into the proposed £11.7 billion takeover of Sky Plc by 21st Century Fox.
In January the UK competition regulator found the planned takeover of Sky by 21st Century Fox not to be in the public interest. It proposed itself that Sky News could be either spun off or divested.
In a statement Sky said the proposals would “comprehensively address any plurality concerns the CMA may have, and would guarantee the long-term future of Sky News and its ongoing editorial independence.”
In December, Disney made its own bid for Fox assets including Sky.