Economy

In Setback for Murdoch, UK Regulators to Review Sky Takeover

In Setback for Murdoch, UK Regulators to Review Sky Takeover”

On Tuesday she told parliament she was also minded to ask the country's competition regulator to examine whether Fox would uphold broadcasting standards if it had full control of Sky, an unexpected turn that sent Sky's shares down 4 percent.

The British government toughened its stance on Rupert Murdoch's $15 billion takeover of Sky, sending shares in the pay-TV group down sharply on fears it would take longer, and be more hard, to complete.

A referral on the grounds of media plurality had been expected but the likely prospect of the second referral was a surprise.

Of the representations Ms Bradley said around 30 of the 43,000 pieces of correspondence received were "substantive", but a "significant majority were campaign-inspired, arguing against the merger going ahead, but generally without providing new or further evidence or commenting on Ofcom's approach".

However, in its latest update, Ofcom clarified it did have "non-fanciful concerns" on broadcasting standards. Subsequently, Sky dropped the carriage of the USA news channel citing poor audience figures.

Ms Bradley added: "Before I come to a final decision, I am required - under the Enterprise Act 2002 - to allow the parties to make representations on my proposed decision, and this is the reason my decision at this stage remains a minded-to one".

Corporate governance issues, although overlapping on broadcast standards, will be considered by the CMA.



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