Home Breaking ‘Murdoch’s £11.7bn takeover of Sky can go ahead’

‘Murdoch’s £11.7bn takeover of Sky can go ahead’

5th Jun 18 3:21 pm

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Culture Secretary Matt Hancock today confirmed that Rupert Murdoch’s £11.7bn takeover of Sky can go ahead, provided Sky News is sold off to Disney or another suitable third party.

The decision also paves the way for Fox to battle rival Comcast to buy the European pay-TV company.

Hancock’s decision came after an investigation by the Competition and Markets Authority into whether controlling Sky would give Murdoch, who also owns the Times and Sun newspapers, too much influence on Britain’s news media.

Hancock added: “I agree with the CMA that divesting Sky News to Disney, as proposed by Fox, or to an alternative suitable buyer, with an agreement to ensure it is funded for at least ten years, is likely to be the most proportionate and effective remedy for the public interest concerns that have been identified.

“The proposals include significant commitments from Fox. But there are some important issues on the draft undertakings which still need to be addressed.”

The Australian-born billionaire had launched his bid to buy all of Sky in December 2016.

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