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Fox Gets EC Nod for Sky Purchase - Broadcasting & Cable

Fox Gets EC Nod for Sky Purchase

But British scrutiny of the deal remains
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21st Century Fox said it has received unconditional approval from the European Commission for its plan to purchase the remaining interest in Sky Broadcasting it doesn’t already own, bringing the media conglomerate a step closer to full control of the U.K.’s largest satellite TV company.

In a terse statement Friday after the market close, Fox said it had received EC approval for the deal, valued at about $14.5 billion. Fox already owns a 39% interest in Sky and proposes to take in the remaining stake.

“21st Century Fox welcomes today’s decision by the European Commission clearing unconditionally its proposed transaction to acquire the outstanding shares of Sky that it does not already own,” Fox said in a statement. “We now look forward to continuing to work with UK authorities and are confident that the proposed transaction will be approved following a thorough review process.

Go to multichannel.com for the full story.

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