One year on News closes on Sky
June 3, 2011
News Corp and regulators are said to have agreed in principle a deal on the final obstacles to a full bid for control of BSkyB nearly a year after the initial bid.
The FT reports that ministers wanted to hire external lawyers to review the proposed remedy that News Corp has offered in order to avoid a full review by the Competition Commission. If that review gives the OK Jeremy Hunt, the culture secretary, will launch a second, one-week consultation process.
When the responses have been considered Hunt will then decide whether to grant clearance or refer, after all to the Competition Commission, though this is thought unlikely.
‘T’s are now being crossed and ‘i’s dotted on the complicated agreements that will see Sky News spun-off as separate business but still supplying Sky its news service.
News Corp first bid on June 15th 2010 with a 700p a share proposal to raise its 39.1 per cent stake to a controlling interest.