Tuesday, 23 October, 2018

Comcast Reportedly Reviving Interest in Purchasing Fox

Fox Proposes Safeguards for Sky News to Try to Move Sky Takeover Bid Along 21st Century Fox Offers “Firewall Remedies” To Push Through Sky Deal
Doris Mccormick | 15 February, 2018, 10:47

Any appointment to the Sky News editorial board by Fox's Nominating and Corporate Governance Committee would have to be approved by the U.K. Culture Minister or by U.K. regulators.

Because the larger transaction requires regulatory approval that will not be granted before the CMA must make a final ruling on the takeover of Sky, 21CF has said its independence undertakings relating to Sky News will evaporate if the Disney deal completes.

"The proposed remedies (.) decisively eliminate the source of the CMA's provisional concerns - potential MFT influence over Sky News' editorial decision-making", it said. The paper says he is reportedly mounting a renewed bid to acquire either all the entertainment properties of Fox or parts of it which might be of no interest to the mouse house.

The CMA said the bid raised a threat to media plurality because the Murdoch family would control too much of the United Kingdom media market should a deal go through, thanks to the Murdoch Family Trust's influence over The Sun, Sun on Sunday, The Timesand Sunday Times newspapers.

Fox said its so-called "firewall remedies" would provide a commitment that "no employee or officer of 21st Century Fox, or a member of the 21st Century Fox board who is a trustee or beneficiary of the Murdoch Family Trust, will influence or attempt to influence the editorial choices made by the head of Sky News".

Fox's proposed takeover of Sky News has sparked huge controversy as critics have warned it would hand the Murdoch family too much influence over Britain's media.

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21st Century Fox's latest bid to buy up the 61% of Sky it doesn't already own was launched more than a year ago.

Disney's proposed takeover, which still has to be approved by United States regulators, includes Fox's current 39 per cent stake in Sky.

An added complication is that Disney has agreed to buy most of Fox's business, and therefore may end up owning Sky.

Twenty-First Century Fox headquarters in NY in January.

Sky has previously said that it could close Sky News if the Fox deal was blocked, a move that would eliminate the media plurality issue at a stroke.

While speaking at Recode's Code Media event on Monday, 21st Century Fox president and Fox Networks group chairman Peter Rice said he thinks his company is "a great fit for Disney".

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