What's Next for Murdoch's Delayed Sky TV Bid: QuickTake Q&A
Fox's Sky Bid Faces Expanded U.K. Government Probe
Rupert Murdoch’s 11.7 billion-pound ($15.2 billion) bid to buy the rest of Sky Plc is set to face a longer and deeper probe, six years after a previous attempt was sunk by a phone-hacking scandal. U.K. Culture Secretary Karen Bradley said Tuesday she is inclined to ask the Competition and Markets Authority to conduct a months-long investigation into Fox’s commitment to broadcasting standards, in addition to the widely expected review over whether the deal would give the Murdochs too much influence over U.K. media.
The scope of the planned CMA referral surprised investors, given Bradley had initially said she was inclined to confine the review to questions of media influence. Shares of Sky fell 1.6 percent after dropping as much as 5.1 percent, the biggest drop since the U.K.’s June 2016 vote to leave the European Union. The CMA’s probe into Sky, which is 39 percent owned by Fox, could last up to six months.