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TOP NEWS: Fox/Sky Deal To Be Officially Referred To In-Depth Probe

Thu, 14th Sep 2017 11:54

LONDON (Alliance News) - UK Secretary of State for Digital, Culture, Media & Sport Karen Bradley has confirmed Thursday she will officially refer 21st Century Fox Inc's bid to takeover the remainder of Sky PLC that it does not already know to an in-depth phase two probe.

Speaking in the House of Commons, Bradley confirmed that she would be referring the proposed GBP11.70 billion offer for the near 61% of Sky Fox does not already own to the UK's Competition & Markets Authority on the grounds of media plurality and genuine commitment to broadcasting standards grounds.

Sky said it will continue to "engage constructively" with the process, whilst Fox confirmed that it had written to Bradley expressing its disappointment she had decided not to follow the advice of media regulator Ofcom in regards to broadcasting standards. It said it had informed her it did not intend to make further representations, and "encouraged her to make a prompt referral".

"We now, therefore, look forward to engaging constructively with the CMA, as independent authority, and hope that the findings of this process will be respected by the Secretary of State," Fox said, adding that subject to any further delays, it expects the deal to close by June 30, 2018.

Shares in Sky were up 0.2% at 933.5 pence Thursday.

By Hana Stewart-Smith;; @HanaSSAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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