Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

UK Culture Secretary ‘minded’ to order probe of planned takeover of Sky by 21st Century Fox

Friday, March 3, 2017 8:02
% of readers think this story is Fact. Add your two cents.

Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

Culture Secretary Karen Bradley said today that she is “minded” to order an investigation into the planned takeover of Sky PLC (LON:SKY) by 21st Century Fox Inc (NASDAQ:FOX), citing two public interest concerns

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

21st Century Fox confirmed in January that it will pay £11.7bn for the 61% stake in Sky it does not already own.

Sky shareholders will receive £10.75 in cash for each share, valuing the entire company at £18.5bn.

Sky shares slipped 3p lower to 995.5p in afternoon trading in London. Fox shares in New York were fractionally lower as well at US$29.68.

Bradley has asked for evidence from the two companies and will decide later this month whether to intervene.

A decision to intervene would not block the deal, but trigger an Ofcom assessment as well as a Competition and Markets Authority report to be considered by the Culture Secretary.

Plurality and standards …

In a statement today, she said the first public interest ground for intervention was media plurality and the need for a “sufficient plurality of persons with control of the media enterprises serving audiences in the UK”.

Commitment to broadcasting standards was the second ground for possible intervention, she added.

Bradley said: “To be clear – I have not taken a final decision on intervention at this stage.

“In line with the guidance that applies to my quasi-judicial role I am inviting written representations from the parties and will aim to come to a final decision on whether to intervene in the merger within ten working days of today’s notification.”

She concluded: “This is not an announcement of my final decision in relation to intervention, but an indication of what I am presently minded to do.

“Before I make my final decision and in line with statutory guidance, I have invited further representations in writing from the parties, and have given them until 5pm on the 8th March to provide these. I plan for my final decision to be given week commencing 13th March.”

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174232/uk-culture-secretary-minded-to-order-probe-of-planned-takeover-of-sky-by-21st-century-fox

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.