- Title: Britain's parliament discusses Fox bid for Sky
- Date: 12th December 2016
- Summary: LONDON, ENGLAND, UNITED KINGDOM (DECEMBER 12, 2016) (REUTERS) (SOUNDBITE) (English) IG MARKET ANALYST, CHRIS BEAUCHAMP, SAYING: "I don't think it's too low, I don't think it's the offer price that's the problem really here. Investors seem quite happy with the deal really, or at least the terms of the deal currently laid out. They're probably holding out for a bit more. I think it's the whole regulatory hurdle that will be the major issue here. There's a lot of people who will look with disfavour upon this move. I think the question's not just in terms of the competition between Sky and Fox News and their dominance in that sphere, but it's just the fact that, again, you've got that move by a media mogul whose reputation, if you like, has been firmly established in many people's minds. So I think a lot of regulators will be keen to run this one under the microscope as much as possible, slow it down as much as possible. It's by no means a done deal yet."
- Embargoed: 27th December 2016 17:08
- Keywords: Sky Fox 21st Century Fox media takeover television Rupert Murdoch
- Location: LONDON, ENGLAND, UNITED KINGDOM
- City: LONDON, ENGLAND, UNITED KINGDOM
- Country: United Kingdom
- Reuters ID: LVA0035CKXWUL
- Aspect Ratio: 16:9
- Story Text: Britain's main opposition Labour Party raised questions in parliament on Monday (December 12) about the proposed bid by Rupert Murdoch's Twenty-First Century Fox for pay-TV company Sky.
Opposition lawmakers say Murdoch's takeover bid must be investigated by competition authorities to make sure the deal does not hand the billionaire too much control over Britain's media.
The Minister of State for Digital and Culture, Matt Hancock, said no action could be taken until a formal notification was received.
"We haven't yet received a formal notification and when we do, the Secretary of State will have ten days to consider under the Enterprise Act and other legislation whether it is necessary to take action and that process will start when the formal notification is received."
Murdoch's earlier approach for Sky collapsed in 2011 after his British newspaper business was hit by a phone-hacking scandal, which saw some journalists obtain illegal access to phone messages of celebrities, lawmakers and a murdered girl.
Fox said on Friday it had struck a preliminary deal to buy the 61 percent of Sky it does not already own but the two sides are yet to agree the final terms.
- Copyright Holder: REUTERS
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