Home Business NewsBusiness 21st Century Fox plans to takeover Sky are to be reviewed

21st Century Fox plans to takeover Sky are to be reviewed

by LLB Reporter
16th Mar 17 2:38 pm

What will happen now?

Culture Secretary Karen Bradley has asked regulators to review the takeover bid from 21st Century Fox.

She said in a statement to Parliament that the media regulator Ofcom and competition regulator, the CMA will be asked to investigate the deal.

21st Century Fox is offering a huge £11.7bn for the 61 per cent in Sky it doesn’t already own.

The company believes the takeover will be given the go ahead.

However, many of those against the deal believe it will give Rupert Murdoch too much power over the media.

Bradley said: “While the representations from 21st Century Fox highlighted areas where it contested the position taken in my minded-to letter, none of the representations have led me to dismiss the concerns I have regarding the two public interest grounds I previously specified,”

“I am of the view that it remains both important, given the issues raised, and wholly appropriate for me to seek comprehensive advice from Ofcom on these public interest considerations and from the Competition and Markets Authority (CMA) on jurisdiction issues.”

Both regulators have until the 16 May to prepare their reports.

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