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UK: Gov clears Fox’s £22b bid for Sky

By  |  June 5, 2018

21st Century Fox can proceed with its planned takeover bid for Sky, provided it sells the pay-TV broadcaster’s news division, the UK government announced on Tuesday, June 5.

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    UK culture minister Matt Hancock said the deal can move forward if Sky News is sold to a suitable third party. Regulators had held up the takeover because of concerns that ownership of Sky News would give Rupert Murdoch and his family too much influence over UK media.

    The Murdoch-controlled Fox has been attempting to address those concerns through a series of concessions, including selling Sky News to Disney once the deal is complete.

    Separately, Disney has struck a deal to buy Fox’s entertainment assets, including its stake in Sky.

    However, US media giant Comcast waded into the bidding in February with a £22 billion (US$29.5 billion) offer for Sky, trumping the offer from Fox, which valued the broadcaster at £18.5 billion (US$24.8 billion).

    Full Content: The New York Times, BBC News

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