U.K. Government Refers Fox's Takeover Bid of Sky To Regulator
The merger will be referred to the Competition and Market Authority for a Phase 2 investigations
The U.K. government on Thursday confirmed that it will refer Fox's (FOXA) - Get Report £11.7 billion ($15.5 billion) takeover bid of Sky plc (SKYAY) to the competition regulator.
The merger will be referred to the Competition and Market Authority for a Phase 2 investigations on "media plurality" and "genuine commitment to broadcasting standards" grounds.
Culture Secretary Karen Bradley on Tuesday, Sept. 12, said she was "minded-to-refer" the proposed merger to the watchdog and gave Fox and Sky 10 working days to make representations to the government on the two grounds. Bradley on Thursday said that neither company would be making "substantive representations."
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