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Bids, Mergers and Takeovers

21st Century Fox responds to concerns over Sky deal

14 September 2017 13:50

21st Century Fox said it has noted the statement made by the Secretary of State for Digital, Culture, Media and Sport that she intends to refer the proposed combination of 21st Century Fox and Sky to the Competition and Markets Authority (CMA) on the grounds of both media plurality and genuine commitment to broadcasting standards.

Yesterday, the Company said it wrote to the Secretary of State expressing disappointment that she had changed her mind and decided not to follow the advice of the independent and expert regulator Ofcom regarding broadcasting standards, but informing her that it did not intend to make further representations and encouraged her to make a prompt referral.

The Company added:

"We now, therefore, look forward to engaging constructively with the CMA, as independent authority, and hope that the findings of this process will be respected by the Secretary of State.

"Subject to any further delays in the decision-making process, we anticipate that the transaction will close by June 30, 2018."

At 1:50pm: (LON:SKY) Sky Plc share price was -1.5p at 930.5p

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