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Sky says it could shut down Sky News if it gets in the way of takeover by Murdoch's Fox

Proactive Investors Wednesday, 8 November 2017 ()
Sky PLC (LON:SKY) has said it could shut down Sky News if it proves an obstacle to the broadcaster’s takeover by Rupert Murdoch’s 21st Century Fox Inc. (NASDAQ:FOX). Fox’s £10.75bn bid to buy the 61% of Sky that it does not already own is being investigated by the Competition and Markets Authority amid concerns that Murdoch’s empire would control too much of the media. The CMA is examining whether the takeover would have an adverse impact on the UK’s plurality of media ownership and broadcasting standards. Murdoch also owns The Sun and The Times newspapers in the UK. READ: Sky shares sink after reports of deal talks between Disney and 21st Century Fox In a submission made to the CMA last month but published by the regulator on Tuesday, Sky said it “would likely be prompted to review" its position "in the event that the continued provision of Sky News in its current form unduly impeded merger and/or other corporate opportunities available in relation to Sky's broader business". "The CMA should not in its assessment simply assume the 'continued provision of Sky News' and its current contribution to plurality, 'absent the transaction',” Sky said. The submission comes a day after reports that Fox recently held talks about selling most of its business, including Sky, to Walt Disney Co. (NYSE:DIS).The news raised concerns that the Disney talks could scupper Fox's deal with Sky, sending its shares lower on Tuesday.
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Source: Euronews English - < > Embed

News video: Sky News under threat of closure as 21st Century Fox tries to force through take over

Sky News under threat of closure as 21st Century Fox tries to force through take over 01:00

UK telecommunications company Sky is considering the future of its news channel, threatening to shut it down if it proves to be an obstacle in a take over bid from 21st Century Fox. Regulators are investigating the deal amid concerns that Rupert Murdoch’s media empire, which already encompasses the...

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