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Twenty First Century Fox : Government extends period for regulators to report on Sky-Fox merger

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04/21/2017 | 01:22 pm
LONDON (Reuters) - The British government on Friday extended the period within which competition regulators must report on Rupert Murdoch's $14.5 billion (11.24 billion pounds) bid to take over pay-TV group Sky (>> SKY PLC) by one month due to the country's national election on June 8.

LONDON (Reuters) - The British government on Friday extended the period within which competition regulators must report on Rupert Murdoch's $14.5 billion (11.24 billion pounds) bid to take over pay-TV group Sky (>> SKY PLC) by one month due to the country's national election on June 8.

Last month Karen Bradley, Britain's culture, media and sport secretary, intervened in the proposed acquisition of Sky by Murdoch's Twenty First Century Fox (>> Twenty-First Century Fox Inc) on the media public interest grounds of media plurality and commitment to broadcasting standards.

At the time she asked Ofcom and the Competition and Markets Authority (CMA) to assess the deal and report to her by May 16.

That deadline has now been extended to June 20.

The deal was cleared by the European Commission earlier this month, leaving the British investigation the only remaining hurdle.

(Reporting by James Davey, Editing by Alistair Smout)

Stocks treated in this article : SKY PLC, Twenty-First Century Fox Inc
Reuters 2017
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