21st Century Fox takes aim at Sky

Media giant plans to buy 61% stake in Sky that it does not already own
James Murdoch said he was confident the deal would pass "regulatory muster".
James Murdoch said he was confident the deal would pass "regulatory muster".

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Media giant 21st Century Fox made a formal GBP11.7bn (US$14.6bn) bid for broadcaster Sky on December 15, a move that is likely to face a number of challenges from politicians and regulators.

Rupert Murdoch's 21st Century Fox said that it would pay £11.7bn for the 61% stake in Sky that it does not already own.

Under the deal, Sky shareholders will receive £10.75 in cash for each share, valuing the company at £18.5 billion.

The deal looks set to provoke the ire of smaller independent shareholders and regulators in the UK and European.

James Murdoch, Sky’s chairman and CEO of Fox, said he was confident the deal would pass “regulatory muster” and would be completed before the end of 2017, the Financial Times reported. Murdoch said that he was sure “no meaningful concessions will need to be made”, the report added.

However, opposition politicians in the UK, Ed Miliband and Vince Cable, questioned James Murdoch’s continued role in the Fox media empire. The pair pointed out that a 2012 Ofcom report was heavily critical of Murdoch when it examined the last attempted takeover of Sky.
 

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