Government extends Sky takeover inquiry

Government extends Sky takeover inquiry

The government has given regulators more time to investigate the proposed takeover of broadcaster Sky by 21st Century Fox.

The Secretary of State for Culture Media and Sport, Karen Bradley, said she had extended the deadline because of the forthcoming general election.

Regulators were examining the deal in the light of media plurality and broadcasting standards.

European competition authorities had already waved the deal through.

Fox has agreed to pay ?11.7bn to buy the 61% of Sky that it does not already own.


Sky shareholders would receive ?10.75 cash for each share, valuing the entire company at ?18.5bn.

Both Sky and Fox are controlled by businessman Rupert Murdoch, who also owns the Times and the Sun newspapers.

Part of Ofcom's investigation will include whether Sky's potential new owners are "fit and proper". Rupert Murdoch and his son Lachlan Murdoch are both joint chairmen of 21st Century Fox and News Corp, while his other son, James Murdoch, is chief executive of Fox.

Ofcom and the Competition and Markets Authority were due to report back by 16 May.

Ms Bradley said: "Given the proximity of this decision to the forthcoming general election and following discussions with the parties, Ofcom, the CMA and the Cabinet Office Propriety and Ethics team", she had extended the deadline until Tuesday 20 June after the state opening of Parliament.



Add Comment

all comments

  Other news

more
The Beckham family come together to support Brooklyn at his book launch

The Beckham family come together to support Brooklyn at his book launch..

28-Jun, 03:42

Parents David and Victoria Beckham couldn't have looked any prouder ...

Volvo's driverless cars 'confused' by kangaroos

Volvo's driverless cars 'confused' by kangaroos..

27-Jun, 08:18

Volvo's self-driving technology is struggling to identify kangaroos in...

Ryan Reynolds tells fans how he once saved nephew's life

Ryan Reynolds tells fans how he once saved nephew's life..

27-Jun, 06:48

He added: "It takes only a few hours and it's also kinda, sorta fun....

Dixons Carphone reports record full-year profits

Dixons Carphone reports record full-year profits..

28-Jun, 03:37

Dixons Carphone's annual profit has surpassed ?500m for the first time,...

Officials warn of global religious extremism threat to China

Officials warn of global religious extremism threat to China..

13-Mar, 03:00

Chinese officials are issuing new warnings about the specter of global...

Ready to serve: Businesses find vets are dedicated, capable

Ready to serve: Businesses find vets are dedicated, capable..

24-May, 12:33

Clinton Smith hires veterans because he knows military service has helped...

11 dead as Nigerian troops repel Boko Haram suicide bombers

11 dead as Nigerian troops repel Boko Haram suicide bombers..

17-Feb, 04:16

Witnesses and soldiers say 11 people have been killed as Nigerian troops...

Uber setting up artificial intelligence lab in Toronto

Uber setting up artificial intelligence lab in Toronto..

08-May, 13:32

Uber is setting up a lab in Toronto to develop artificial intelligence...