EU clears 21st Century Fox takeover of Sky

Murdoch executive chairman of News Corporation reacts during a panel discussion at the B20 meeting of company CEOs in Sydney

The competition wing of the European Commission "unconditionally" approved Fox's proposed £11.7 billion acquisition of the remaining 61 percent chunk of Sky that Murdoch doesn't already own but has been hoping to scoop up for years now.

During the 2010 takeover bid by News Corp, which was derailed by the phone hacking scandal at the company, Murdoch reached an agreement with the government to spin off Sky News to satisfy media plurality concerns.

The Commission said the bid did not raise any competition concerns as Murdoch's Twenty First Century Fox and Sky were active in different markets in Europe, while existing rules in European Union countries meant that rivals would still have access to Sky films and TV channels.

In December the U.S. movie and TV giant, which owns 39% of Sky, announced its ambition to buy the rest of the pay-TV giant and fold it into its own operations.




A decision to intervene would not block the deal, but trigger an Ofcom assessment as well as a Competition and Markets Authority report to be considered by Ms Bradley. Sky is the owner of Sky News, the global news company based in the United Kingdom, that is also available to USA audiences through Apple TV, Roku and other devices.

"Based on the results of its market investigation, the Commission concluded that the proposed transaction would raise no competition concerns", it said.

21st Century Fox noted that It now looks forward to continuing to work with United Kingdom authorities and is confident that the proposed transaction will be approved following a thorough review process. The two companies compete "only to a limited extent" in acquiring television content and providing pay-TV channels. Murdoch will get his prize.

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