It’s a complicated issue that’s best digested with a diagram. That is Comcast Corporation (NASDAQ:CMCSA) is waist-deep in a bidding war for U.K.-based satellite pay-TV network and broadband provider Sky PLC (ADR) (OTCMKTS:SKYAY).

It’s up against rival U.S. bidder Twenty-First Century Fox Inc (NASDAQ:FOXA), but in light of the fact that Walt Disney Co (NYSE:DIS) is looking to acquire most of Fox, Sky could ultimately end up a Disney property.

In the meantime, Comcast still has the option of buying a large piece of Fox, with or without Sky, if for some reason the Disney/Fox pairing doesn’t pan out as currently expected.

That’s a lot for any current or would-be owner of Comcast stock to process.

Thing is — and several of my colleagues here at InvestorPlace have said the same — of all the moves Comcast could make here, aiming for Sky may well be too much of a headache with little to no payoff.

Bad Idea

It’s not a complete mismatch. To be fair, there are certain benefits. As Disney CEO Bob Iger said of Sky: “Sky is just an amazing platform. We’re extremely impressed with their user interface, their ability to attract and retain customers, the value proposition to their consumers.”

University of Westminster professor of communications Steven Barnett commented of the strategy upside, “Any major global player, particularly Comcast, would like an opportunity to get into [the] European markets. And Sky is an obvious point of entry.”

By and large, though, analysts aren’t exactly excited about the possible pairing of Comcast and Sky, and that should bug owners of Comcast stock.

MoffettNathanson analyst Craig Moffett explained a few weeks back:

“Yes, Sky is more than just a direct-to-home satellite TV distributor, but … well, let’s face it, Sky is a direct-to-home satellite TV distributor. And yes, Sky is also a broadband provider, … but it is a resale broadband platform, not a facilities-based one, and therefore it is one that, unlike in the U.S., lacks any competitive advantage whatsoever.”

Macquarie analyst Amy Yong is also questioning the soundness of the deal’s math, noting that “Comcast could buy back its own stock at 8x vs acquiring Sky at 12x.”

If the doubts seem familiar, there’s a good reason. It echoes something our own Will Ashworth said just a couple of weeks ago:

“I think [Comcast CEO] Roberts is wise to back away from any complicated, time-consuming deals, and instead focus on smaller acquisitions that can strengthen its existing assets without costing the company a whole lot of money.”

InvestorPlace contributor Vince Martin also has doubts about the deal’s upside, commenting in March:

“Comcast has to make a move or risk getting left behind. That’s a pretty major concern going forward. Adding Sky doesn’t fix its problems. Neither does adding Fox, unless Comcast can somehow finagle its way into owning all, or most, of Hulu in the process. That would at least give the company a base to challenge Netflix and Disney on the streaming side.”

It’s just an awful lot of very smart people all saying the same thing — too many voices to pretend like the concern is merely on the fringe.

Bottom Line for Comcast Stock

There’s a reason Comcast stock is down around 15% since the end of last year. It’s bleeding relevancy in a world where over-the-top (OTT) television is winning the war over traditional TV for viewer eyeballs.

UBS thinks the company will lose another 400,000 video subscribers this year alone. Bringing Sky’s programming into the mix certainly sweetens the pot for TV watchers, and between Sky’s and NBCUniversal’s studios, the combined companies could develop one heck of an OTT service that just might prove disruptive even to the venerable Netflix, Inc. (NASDAQ:NFLX).

A lot of (perhaps too many) planets would have to line up for things to take shape as hoped, though.

Moffett may have summed up the problem best by saying:

“There are a great many assumptions required if Comcast’s presumed strategy is to succeed. Running the table on all of them is a rather uncertain outcome, and demands what some might read as rather accommodating business decisions from some rather deep-pocketed competitors…. What is at issue here isn’t just whether the global or pan-European OTT war is a war that Comcast can win. It is also whether it is a war worth winning.”

In other words, maybe this is a fight Comcast doesn’t want to pick. Hopefully, this is all just a gambit to nab Fox, or at least part of Fox, as Comcast attempted to do several months ago. That overture was rebuffed, paving the way for Disney’s bid for Fox.

Regardless, that doesn’t solve Comcast’s core problem.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can follow him on Twitter, at @jbrumley.