Cox Communications’ biggest shareholder moved a step closer to taking the cable company private, announcing late Tuesday that it had formed a special committee to examine the buyout offer and that the committee had hired an investment bank to assist in that review process.

The committee — made up of independent board members Janet Clarke, Rodney Schrock and Andrew Young — hired Goldman, Sachs & Co. as its financial adviser and law firm Fried, Frank, Harris, Shriver & Jacobson as its legal adviser on the proposed $7.9 billion offer by controlling shareholder Cox Enterprises to take Cox Communications private.

Cox Enterprises earlier this month proposed to buy the 38 percent stake in Cox Communications that it didn’t already own in a deal that would pay public shareholders $32 a share in cash.

Analysts speculate Cox Enterprises will likely have to sweeten the offer to complete the transaction, as Cox Communications shares have risen since the buyout offer was made public and currently trade at more than $33 a share.