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UK regulator finishes report on Fox-Sky deal (updated)

Jun. 20, 2017 9:55 AM ETFox Corporation (FOX) StockNWS, NWSA, SKYAY, FOXA, FOXBy: Jason Aycock, SA News Editor2 Comments
  • The UK's telecom regulator has submitted its report to the government on Twenty-First Century Fox's (FOX -1.5%, FOXA -1.4%) $14.5B proposal to buy the rest of Sky (SKYAY -0.3%), but everyone's mum for now.
  • The next step lies with UK Culture Secretary Karen Bradley, who's held her role in the country's new government.
  • The review by regulator Ofcom has focused on whether the deal would have harmful effects on the number of voices in the media landscape by concentrating too much power with Rupert Murdoch and family (which also controls News Corp. (NWS -0.4%, NWSA -0.6%) and thus newspapers The Times and The Sun).
  • In a standard review, Ofcom's also looking at whether Sky would still be a "fit and proper" holder of a TV license under Fox's ownership in the wake of phone-hacking scandals at News Corp., and a legal quagmire around Fox News.
  • Updated: The government will rule on whether the deal needs a thorough investigation by June 29.

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