The statement comes in a submission to Britain's competition regulator as the agency begins an investigation into whether Fox's plan to buy the 61 per cent of Sky it doesn't already own would give Rupert Murdoch and his family too much control over the UK's media.
Sky Plc says regulators should not assume it will continue to provide a news service because the company would probably review the operation "in the event that the continued provision of Sky News in its current form unduly impeded" the merger.
Sky said in a submission to the Competition and Markets Authority (CMA): "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 transaction (with Fox)."
In particular, the broadcaster would be further pressed to take the action if Sky shareholders reacted badly to the takeover not taking place.
Murdoch withdrew a previous bid for Sky in 2012 amid fallout from the phone hacking scandal. 21st Century Fox is controlled by the Murdoch family - Rupert and his sons Lachlan and James.
The CMA has around six months to investigate the merger and provide UK Culture Secretary Karen Bradley with advice, after which she must then come to a final decision on whether or not the merger can proceed.
The CMA also faces the task of delving into claims of misconduct at Fox in the US, which have ranged from alleged racial and sexual harassment to making up quotes.
