Rupert Murdoch’s 21st Century Fox will ask Brussels to approve its $14.4bn bid to take full control of Sky as early as this week, marking the next step in the politically contentious battle for the UK-based pay-television broadcaster.
Fox currently owns around 39.1 percent of Sky’s shares, and it announced its intention to acquire the remainder in December 2016.
Under EU rules, companies have to apply to the European Commission for approval of mergers and acquisitions above certain turnover thresholds. Once 21st Century Fox has submitted its intent to take over Sky, the Commission then has 25 days to decide whether the deal would “significantly reduce competition.”
The UK culture secretary Karen Bradley will also have to decide whether Fox’s bid for Sky should be subject to a public interest test. If she decides that it should, UK communications regulator Ofcom would have to assess whether the deal should go through based on whether it allows for enough media plurality. When Bradley was asked about whether she would refer the bid to Ofcom on the BBC’s Today radio program this morning, she said it was not possible for her to comment until she received formal notification of the bid.
This is the second time Murdoch has attempted to buy the remaining portion of Sky. In 2010, a bid for the company by News Corporation failed amid a scandal in which reporters from its UK newspaper News of the World hacked the voicemail of murdered schoolgirl Milly Dowler, as well as celebrities.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UFC Reaches $375 Million Settlement in Antitrust Case
Feb 6, 2025 by
CPI
Brazilian Architecture Council Convicted of Antitrust Violations
Feb 6, 2025 by
CPI
Bipartisan Bill Seeks to Ban Chinese AI Software from US Government Devices
Feb 6, 2025 by
CPI
Senators Call for Investigation into RealPage Algorithm’s Impact on Military Housing Costs
Feb 6, 2025 by
CPI
ECB Seeks Faster Digital Euro Legislation Amid US Stablecoin Push
Feb 6, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon