James Murdoch told the RTS Cambridge Convention that 21st Century Fox’s takeover of Sky would be a boost for Britain as it tackles Brexit.
The Fox CEO dwelt on the importance of scale in today’s media market and warned regulators should not block the €20 billion takeover of Sky. The bid has been referred to the Competition and Markets Authority on plurality and broadcasting standards grounds.
Murdoch said the deal and its inward investment was a positive signal for Britain and it would boost ‘soft power’ of the UK creative industry and prove UK was ‘open for business.’
“We’re eager to provide Sky with access to the resources, reach, and creative sparks needed to keep pace against a new breed of competitors that now include some of the largest companies in the world, but none of whom have the local depth of investment and commitment to the UK and to Europe,” claimed Murdoch.
At the end of a 24-week CMA review period culture secretary Karen Bradley will come to a final decision on whether the merger will proceed and any conditions that should apply.