News Corp. Offers Remedy in BSkyB Bid

The EU has extended the deadline to review News Corp.'s bid to take over British Sky Broadcasting Group to Dec. 22 after CEO Rupert Murdoch offered concessions in the face of competition concerns.
By Theresa McCabe ,

NEW YORK (

TheStreet

) -- The European Commission has extended the deadline to review

News Corporation's

(NWSA) - Get Report

bid to take over

British Sky Broadcasting Group

(BSY)

to Dec. 22 from Dec. 8 after CEO Rupert Murdoch offered concessions in the face of competition concerns.

News Corp. has offered to be under specific restrictions in the expanded company's future operations. Details of the proposed remedy were not disclosed.

Last week, the Church of England joined a number of BSkyB's rival news outlets in opposing the possible deal.

>>Murdoch's BSkyB Bid Gains Opposition

News Corp. currently owns 39% of the U.K.-based pay TV operator and is looking to buy the remaining 61%. The Sky board rejected Murdoch's offer of 7.8 billion pounds, or about $12.4 billion, which he made in June.

The deal's challengers argue that News Corp. and Murdoch would be gaining too much control of the British media by acquiring another news outlet.

Murdoch's company currently owns four major U.K. newspapers, including the nation's biggest publication,

News of the World

. By buying Sky, News Corp. would gain its 10 million customers, which accounts for 66% of pay TV subscribers in the U.K.

A few weeks ago

U.K. Business Secretary Vince Cable

ordered that the Office of Communications, the U.K. broadcast regulator,

step in and investigate

. Cable has requested that OFCOM complete a review by Dec. 31.

-- Written by Theresa McCabe in Boston.

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RELATED STORIES:

>>News Corp. Announces BSkyB Takeover Bid

>>U.K. to Probe Murdoch's BSkyB Takeover Bid

>>Murdoch's BSkyB Bid Gains Opposition

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