LONDON (Reuters) – Rupert Murdoch’s planned $15 billion takeover of European broadcaster Sky will be referred to regulators over concerns about broadcasting standards, Britain’s Culture and Media Secretary Karen Bradley said on Thursday.
Bradley had said on Tuesday she was “minded” to refer Twenty-First Century Fox’s planned purchase of the 69 percent of Sky it does not already own to the Competition and Markets Authority (CMA) to look into corporate governance.
Surprise - Announcement - Shares - Sky - Percent
That surprise announcement sent London-listed shares in Sky down 5 percent before they later recovered, and Bradley now said she could confirm the decision.
“Yesterday I received letters on behalf of both parties to the merger, confirming that while they disagree with my ‘minded to’ decision they would not be making substantive representations in relation to it,” she told parliament.
Result - Decision - Merger - CMA - Phase
“As a result, I can confirm that my ‘minded to’ decision is now final and I will now refer the merger to the CMA for a phase 2 investigation on media plurality and genuine commitment to broadcasting...
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