Acquisition: Fox Proposes to Sell Sky News to Disney
The UK Competitions and Markets Authority published two new proposals from 21st Century Fox on Tuesday that are created to address the regulator's concerns that the purchase would give the Murdoch family too much control over UK media.
Fox has actually additionally supplied to develop Sky News as a different entity, a service it provided in its previous, obstructed effort to get the remainder of the pan-European satcaster.
Disney has "expressed interest" in buying Sky News, a move that would clear media plurality concerns and pave the way for its own $66bn (£47bn) takeover of most of Murdoch's 21st Century Fox, including Sky.
It has also said that it will look to legally separate Sky News from Sky, using the same structure BT used with Openreach, which the media regulator, Ofcom, said was enough to allay competition issues raised by rivals. However, this offer is now competing with a proposal from the USA cable operator Comcast who put on the table in late February 12.50 pounds per share to take possession of Sky. The Murdoch-controlled Hollywood studio has proposed two new offers to British regulators to help get its $15B deal over the line.
It also said it could sell the 24-hour news channel to Walt Disney if its bid to acquire the 61% of the company it does not already own is approved, regardless of whether Disney's proposed acquisition of Twenty-First Century Fox's assets proceeds.
Fox proposes to buy 10.75 pounds each share of Sky that he does not hold yet, an operation with more than 11 billion pounds (12.5 billion euros).
Mr Murdoch would gain full control of the cable news channel if United Kingdom regulators approve the planned £11.7billion takeover of its parent Sky by 21st Century Fox.
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Fox had already pledged to ensure the independence of Sky News.
Putting forward the proposal, Fox said they worked diligently with the CMA throughout its extensive review.
Fox said it had offered the CMA "personal undertakings" from its executive chairman, Mr Murdoch, and its chief executive - his son, James, "not to influence or attempt to influence the editorial choices made by the head of Sky News".
Sky said it believed either Fox's commitments or a sale of Sky News to Disney would address the CMA's concerns and guarantee its long-term future and independence.
Fox already owns 39% of Sky and faces competition for control of the business from Comcast, which has lodged a richer bid. In this case, the company has guaranteed to fund Sky News as it current levels for ten years.
The Murdochs' critics say they already wield too much influence in the United Kingdom through their ownership of the Sun, Times and Sunday Times newspapers.
"We are aware that a group of politicians that is opposed to the transaction is seeking to influence the CMA and is making a number of unsupported and fanciful assertions", said Fox, adding that a rejection of its new proposal "would compromise the integrity of a system" by capitulating to political pressure. The Mediaset-Sky deal in Italy also makes Sky more attractive to the bidders'.
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