European Union clears Fox, Sky buy-out

Posted April 08, 2017

European Union regulators have approved 21st Century Fox's £11.7bn ($14.5bn) takeover of United Kingdom broadcaster Sky TV.

With the reelection of a Tory government in the United Kingdom, and Donald Trump in the US, European authorities appear in no mood to fight the media titan.

Bradley has given Ofcom a 40-day timetable to investigate, and expects to receive its report by May 16.

The bid follows a 2011 takeover attempt which was dropped in the wake of the phone hacking scandal that led to the closure of The News of the World.

"Fox and Sky are mainly active in different markets in Austria, Germany, Ireland, Italy and the UK".

(FOX, FOXA) said Friday that it received approval from the European Commission for proposed acquisition of Sky plc.

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"21st Century Fox welcomes today's decision by the European Commission clearing unconditionally its proposed transaction to acquire the outstanding shares of Sky that it does not already own", said Fox in a statement.

Media tycoon Rupert Murdoch's Fox said in December it had reached an agreement to buy the 61-per cent stake in Sky it did not already own in a deal worth £11.7 billion (RM64.3 billion).

"We now look forward to continuing to work with United Kingdom authorities and are confident that the proposed transaction will be approved following a thorough review process", Fox said. The two companies compete "only to a limited extent" in acquiring television content and providing pay-TV channels.

Rupert Murdoch's plan for his company 21st Century Fox to takeover British pay-TV and ISP Sky has been waved through by antitrust officials in Brussels.

The clearance doesn't end the issue as the British regulator Ofcom could decide to begin an investigation, but no one really think that is likely.