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Author Topic: UK government clears way for 21st Century Fox takeover bid for Sky  (Read 11 times)
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« on: July 12, 2018, 04:56:43 PM »

UK government clears way for 21st Century Fox takeover bid for Sky
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| 12 July 2018

In his first major act since taking his new role, UK Secretary of State at the Department of Culture, Media and Sport, Jeremy Wright, has given the go ahead for 21st Century Fox to purchase the remaining 61% of shares in Sky that it does not own.

The granting of the greenlight to allow Rupert Murdoch to carry on his ling held ambition ’s thus bookends a tumultuous period in UK media and politics that has seen newspapers close and ministers resign in the phone hacking scandal when the media mogul’s worthiness to fully own the pay-TV giant was investigated.

On 19 June the UK government indicated that the conditions that it had insisted on in granting permission for the bid to proceed had been satisfied, subject to final approval by the then Secretary of State Matt Hancock on 12 July. Hancock stated at the time that his previously expressed concerns regarding media plurality had been addressed, mainly by commitments by Sky to sell off Sky News to the Disney organisation.

Now in situ, Wright said that he too had reviewed the process and concurred with his predecessor’s findings.

As part of an official statement,   Wright said: “Having considered the responses to the consultation, the previous Secretary of State agreed with the parties a clarificatory change to Disney’s undertakings and changes to the associated brand licensing agreement. In response to specific concerns raised by respondents, he also agreed that where appropriate the Secretary of State will consult with the CMA in relation to these undertakings and will publish the formal written advice given by the CMA. I am content to confirm this position...The publication of the undertakings marks the final stage of the public interest consideration of this case...It is now a matter for the Sky shareholders to decide whether to accept 21CF’s bid.”

The approval for 21CF came only hours after its rival Comcast upped its bid for Sky shares, offering £14.75 per share, thus valusing Sky at £26 billion.

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