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Bids, Mergers and Takeovers

21st Century Fox responds to statement by SoS for DCMS

20 July 2017 13:13

21st Century Fox said it has noted today's statement by the Secretary of State for Digital, Culture, Media and Sport that she continues to consider the representations that have been made before she makes her decision on its proposed acquisition of the remaining shares of Sky.

The Company added:

"We welcomed the recent statement by the Secretary of State that 'Ofcom is unequivocal' regarding 21CF's genuine commitment to broadcasting standards, following advice from the independent regulator which found "there are no broadcasting standards concerns which may justify a reference by the Secretary of State to the Competition and Markets Authority." For over 25 years, 21CF and Sky have been proud broadcasters of good standing in the UK, a responsibility we take very seriously. We also welcomed Ofcom's decision of 29th June that Sky would remain 'fit and proper' to hold a broadcasting licence after this proposed combination.

"In respect of the media plurality public interest consideration, we have proposed comprehensive undertakings to address the points raised by Ofcom. We were pleased Ofcom concluded that these undertakings to maintain the editorial independence of Sky News would mitigate any concerns around media plurality. Consequently, we are disappointed that the Secretary of State remains minded to refer on plurality.

"We respect the importance of regulatory scrutiny, and we continue in our commitment to work constructively with authorities as we have done since this process began. In light of the transaction's benefits to the UK creative economy, we would urge the Secretary of State to complete the regulatory process expeditiously. 21CF has believed in Sky for over 25 years, and together we have been passionate supporters of the UK creative industries, and built one of the world's most distinctive brands. Combining 21CF and Sky would create a global powerhouse well positioned to deliver the very best in content and viewing experiences for customers, while securing the UK's place as a global player in the creative economy."

At 1:12pm:

(LON:SKY) Sky Plc share price was +2.25p at 967.75p

Story provided by StockMarketWire.com

Related Company: SKY

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