UK Government Announces Approval of News Corp.'s Takeover of BSkyB
June 30, 2011 1:10 pm ET by Media Matters staff
U.K. Culture Secretary Jeremy Hunt has announced that he's finished reviewing the details of News Corp.'s proposed plan to takeover BSkyB, and has "decided to accept the original undertakings" of the deal. He is, however, proposing additional changes to the deal, and is opening up a second consultation period to end July 8. From The New York Times' DealBook blog:
Concessions made by Rupert Murdoch's media empire to spin off Sky News, BSkyB's popular news channel, were enough to appease the concerns of Culture Minister Jeremy Hunt, who said in March that he was "minded to accept" the proposal.
Mr. Hunt, however, has submitted a few more conditions to closing the deal. These include appointing an independent director with experience in journalism to the Sky News editorial board, ensuring that BSkyB continues to cross-promote Sky News after the spin-off and appointing a trustee to monitor the News Corporation's compliance with the rules in the transition period.
Given the proposed changes, Mr. Hunt extended the review period until July 8, but government backing is all but assured. Issues of media plurality have delayed the acquisition, given that the News Corporation owns the British newspapers The Times, The Sun and News of the World. [DealBook, 6/30/11]