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Sky takeover: Minister 'minded' to examine Fox takeover | Sky takeover: Minister 'minded' to examine Fox takeover |
(about 3 hours later) | |
Culture Secretary Karen Bradley said she is "minded" to order an Ofcom investigation into the planned £18.5bn takeover of Sky by 21st Century Fox. | |
Competition concerns and broadcasting standards were among the issues of concern, she said. | Competition concerns and broadcasting standards were among the issues of concern, she said. |
Ms Bradley has asked for evidence from the two companies and will decide later this month whether to intervene. | Ms Bradley has asked for evidence from the two companies and will decide later this month whether to intervene. |
Both Sky and Fox are controlled by businessman Rupert Murdoch, who also owns the Times and the Sun newspapers. | Both Sky and Fox are controlled by businessman Rupert Murdoch, who also owns the Times and the Sun newspapers. |
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 Ms Bradley. | 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 Ms Bradley. |
21st Century Fox said it was confident the deal would be approved: "We anticipate regulators will undertake a thorough review of the transaction and we look forward to engaging with them." | |
The Culture Secretary said she had written to the two companies to inform them of "concerns that there may be public interest considerations ... that warrant further investigation". | |
The first public interest ground was media plurality and the need for a "sufficient plurality of persons with control of the media enterprises serving audiences in the UK". | The first public interest ground 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. | Commitment to broadcasting standards was the second ground for possible intervention. |
This related to the need for those controlling media enterprises to "have a genuine commitment to attaining broadcasting standards objectives". | This related to the need for those controlling media enterprises to "have a genuine commitment to attaining broadcasting standards objectives". |
The proposed deal has also been lodged with the European Commission, which would examine competition concerns if the case was referred by Ms Bradley. | |
Rupert Murdoch's 21st Century Fox is offering £11.7bn for the 61% stake in Sky it does not already own. | |
Sky shareholders would receive £10.75 in cash for each share, valuing the entire company at £18.5bn. | |
Shares in Sky fell 2p to 996.5pp in London, giving the firm a market capitalisation of £17.1bn. |
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