For the first time, Walt Disney Co. (DIS.N) spelled out for investors that Rupert Murdoch’s 21st Century Fox Inc. (FOXA.O) may choose not to increase its takeover offer for British broadcaster Sky Plc.

The U.K. company is at the center of an international bidding war that involves Fox, Disney and cable giant Comcast Corp. (CMCSA.O), and everyone’s anxiously awaiting the next twist in the saga. Comcast increased its offer for Sky last week to 26 billion pounds (US$34 billion), topping Fox’s bid.

Disney, meanwhile, has agreed to acquire the bulk of Fox’s assets -- a move that would potentially give it Sky as well. But Fox’s pursuit of Sky now looks less likely. Fox “may elect not to increase the price offered by it in the Sky acquisition and any increase in the debt financing for the Sky acquisition would require Disney’s consent, which Disney may elect not to provide,” Disney said in a filing on Friday.

Letting Comcast acquire Sky may be a blessing for Disney, since it wouldn’t have to borrow as much money to complete the Fox deal. Sanford C. Bernstein & Co.’s Todd Juenger and other analysts have raised concerns about what a Sky bidding war would do to Disney’s debt.