The British government confirmed Thursday that it would, as expected, send 21st Century Fox’s $15 billion takeover bid for Sky to the U.K.’s Competition and Markets Authority for a formal review.
The authority will take about six months to investigation whether Fox and the Murdoch family would wield too much power on the British media landscape as a result of the merger and whether they are “fit and proper” owners who would uphold local broadcasting standards. “It is important for public confidence that that full review take place by the Cma,” British Culture Secretary Karen Bradley said at a Royal Television Society conference in Cambridge, England, on Thursday afternoon.
The decision is a blow for Fox, which had counted on the deal closing by the end of the year. It now faces a delay that not only puts off its long-desired acquisition of European pay-tv giant Sky but also makes it liable to pay a »
- Henry Chu
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