21st Century Fox CEO says bid for Sky will strengthen UK creative sector
21st Century Fox [NASDAQ:FOX] Chief Executive James Murdoch said the New York-based media group’s bid for full ownership of the FTSE-100 satellite television broadcaster Sky [LON:SKY] will strengthen the UK’s creative sector, The Times reported.
Murdoch, who is also Sky’s chairman, said on Thursday, 2 March, that Sky and Fox between them invested about GBP 700m (EUR 816m) in original content in the UK and plan to maintain that investment.
The Times is published by News Corp, whose chairman is James Murdoch’s father Rupert, the item noted. Murdoch Sr. is also co-chairman of Fox, which holds a 39% stake in Sky and has tabled an agreed GBP 11.7bn bid for the shares in Sky that it does not already own.
As previously reported, Sky’s proposed takeover of Fox has prompted criticism, with some UK politicians urging the telecoms regulator Ofcom to review whether Murdoch is a suitable candidate for a broadcasting licence due to his connections to a previous scandal over phone hacking at the former News Corp newspaper News of the World.
Fox is also trying to persuade the European Commission to approve the deal, the item said. UK culture secretary Karen Bradley is thinking about whether a government intervention is necessary, the report added.
The Financial Times also quoted James Murdoch, who said yesterday that the proposed takeover of Sky would represent a “significant driver” for the UK’s creative sector.
A review of the deal could be launched today, Friday 3 March, the FT item said. It is expected that Ofcom will review the takeover with regard to media plurality, according to the report.
Link to original source (The Times)