Four of 10 dollars spent by U.S. pay-television operators on carriage fees would go to 21st Century Fox if its takeover bid for Time Warner Inc. succeeds, illustrating both the allure of the deal and its risks as the traditional cable-TV business model faces mounting pressures.

Combining 21st Century Fox’s suite of channels, including FX and Fox News with Time Warner’s TNT, TBS and HBO, would create a giant with 40% share of the estimated $40.3 billion U.S. cable and satellite operators spend on carriage fees. (Full story at by subscription.)