Government approves two rival bids for broadcaster Sky — from Comcast and 21st Century Fox
THE Government has all but cleared two rival bids for broadcaster Sky — from Comcast and Rupert Murdoch’s 21st Century Fox.
Culture Secretary Matt Hancock waved US giant Comcast’s bid through, saying there were no broadcasting standards or public interest grounds on which to intervene.
On the Fox deal, he agreed that a commitment by Fox to divest Sky News to Walt Disney was sufficient to alleviate concerns about UK media plurality. Mr Murdoch also owns The Times and The Sun.
Yesterday’s statement sets up a bidding war between the two media titans.
Fox’s bid — for the 61 per cent stake in Sky it does not already own — values the entire broadcaster at about £18.5billion.
Comcast made a competing offer earlier this year which values Sky at about £22billion.
Fox welcomed the Government’s decision to clear the Sky deal on broadcasting standards.
On the media plurality concerns, it added: “21st Century Fox has already submitted proposed undertakings to achieve the divestiture of Sky News to Disney.
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“We note that the Secretary of State agrees with this solution.”
Talks will begin between officials at the Department for Digital, Culture, Media & Sport, Fox, Sky and Disney to “finalise the details with a view to agreeing an acceptable form of remedy”.
