Fox is Offering to Sell Sky News Channel to Disney

CREDIT Courtesy of Sky

Rupert Murdoch's 21st Century Fox has offered to sell Sky News channel to Disney in order to allay regulatory concerns about the billionaire's influence over United Kingdom media.

The other proposal would involve a legal separation and ringfencing of Sky News, including the creation of an independent board of directors.

Rupert Murdoch's 21 Century Fox has offered to separate Sky News from the rest of Sky and establish it as a distinct company with guaranteed funding for 15 years.

The deal, announced in December, is expected to take up to two years to secure approval from regulators.

Money-losing Sky News is the last regulatory hurdle in 87-year-old Murdoch's long campaign to buy Sky, which has grown from its United Kingdom beginnings to become Europe's biggest pay-TV group. Comcast launched its own $31 billion offer for Sky in February.

The British antitrust regulator, the Competition and Markets Authority, wouldn't comment on the Fox proposals.

Sky reacted to the latest remedies offered and said that it believes that both these offers ultimately address particular plurality concerns the CMA may have and would promise the upcoming future of Sky News and its ongoing editorial independence. "These enhanced remedies went above and beyond what Ofcom, the expert, independent regulator on United Kingdom broadcasting, had stated would mitigate concerns around media plurality", said 21st Century Fox in a statement.

Some Sky shareholders, frustrated by the delay, had already said Fox should increase its 10.75 pounds-per-share offer.

Person boys' track ties for win in quad-meet
Georgetown's 4×100 meter relay team (Galley, Logan Doss, Jonathan Strickland, and Mootz) placed third with a time of 50.61. She ran a 12:00.11 in the 3,200-meter run, good for second and placed fourth in the 1,600-meter run, finishing in 5:45.75.

Disney owns ABC News and therefore could be seen as a good fit for Sky News.

A CMA spokeswoman said on Tuesday it had until May 1 to provide its report on the proposed deal to Britain's minister for digital matters, culture, media and sport.

The Sky News proposal would take place regardless of whether that acquisition was successfully concluded, Fox said.

Additionally, Twenty-First Century Fox offered personal undertakings given by Twenty-First Century Fox's Executive Chairmen and its chief executive officer not to influence or attempt to influence the editorial choices made by the Head of Sky News.

Murdoch's company have made several adjustments to the deal, the newest stating that Sky News will be independent. His readiness to buy Sky News therefore signals a clear commitment to owning Sky.

It provisionally ruled that Mr Murdoch would have too much influence over public opinion if the deal went ahead as planned.

Fox said: "We have worked diligently with the CMA throughout its extensive review".

"They've now gone as far as to persuade Disney to buy a lossmaking business, because everyone knows Sky News doesn't make any money", he said.

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