Fox’s $15 Billion Takeover of UK Broadcaster Sky Halted for 6-Month Investigation
British Culture Secretary has concerns that Murdoch Family may gain too much influence there
Tony Maglio | September 12, 2017 @ 6:00 AM
Last Updated: September 12, 2017 @ 10:03 AM
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Not so fast, Fox. The American company’s attempted takeover of British broadcaster Sky will now have to wait for the findings of a 6-month regulatory investigation.
“I have the power to make a reference if I believe there is a risk — which is not purely fanciful — that the merger might operate against the specified public interests,” U.K. Culture Secretary Karen Bradley said Tuesday in front of Parliament, per the BBC.
Basically, Bradley is concerned that Rupert Murdoch owning 61 percent of Sky could give him too much sway overseas. Currently, his 21st Century Fox owns 39 percent of the company — but it wants way more.
Bradley’s decision on whether to refer the deal to the Competition and Markets Authority had been delayed several times. Now the whole $15 billion dollar deal will face its own (latest) delay.
Later on Tuesday, Fox said it was “disappointed” and “surprised” by the decision to refer. The company urged Bradley to come to a decision on her own — and, you know, preferably in its favor.
“We anticipate that the transaction will close by June 30, 2018,” Fox concluded its statement.
Following Bradley’s referral, Sky stock sunk almost 4 percent. Stateside, Fox’s stock also declined, though not as dramatically.
Here’s a snapshot from the London Stock Exchange trading day:
Here's Everyone Who Dumped Trump This Week (Photos)
In the wake of Trump's response to a violent white supremacist rally, "Unite the Right," in Charlottesville, Virginia, last weekend, several business leaders, council members and media personalities severed ties with the president. Quite a lot actually.
Under Armour CEO Kevin Plank, Intel CEO Brian Krzanich Plank and Krzanich both followed Frazier's lead in quitting the council, citing Trump's Charlottesville response. Trump tweeted condemnation of Frazier, who is black, but for some reason said nothing about these two.
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Alliance for American Manufacturing president Scott Paul Early Tuesday morning, Paul became the fourth CEO to quit the manufacturing jobs group, and yes, he cited Trump's response to Charlottesville as the reason.
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Trump Makes It Worse Tuesday afternoon, Trump shocked the country with an off-the-rails press conference at Trump Tower in which he appeared to defend and sympathize with the racist mob in Charlottesville. Trump insisted there was blame, as well as "many fine people" on both sides of the conflict in which nazi-sympathizer murdered one person and injured 19 more with his car.
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AFL-CIO Bails Out Soon after Trump's rant, American Federation of Labor and Congress of Industrial Organizations president Richard Trumka resigned from the manufacturing council.
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Advisory Councils Disband On Wednesday, members of Trump's Strategic and Policy Forum agreed to disband after Trump's response to the violence in Charlottesville. Soon after, the president announced via Twitter that he was ending his executive councils.
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"I Voted For Trump, And I Sorely Regret It" That's the title of a New York Times op-ed written by Julius Krein, the founder and editor of pro-Trump website American Affairs. It went viral, though mainly because people were mocking it.
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Trump Loses a Murdoch James Murdoch, CEO of 21st Century Fox and more importantly son of media magnate and conservative icon Rupert Murdoch, dissed Trump in a widely circulated email to employees. He also said he and his wife will donate $1 million to the Anti-Defamation League over POTUS' response to Charlottesville.
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The Arts and Humanities Council Disses Trump, then Disbands The Arts and Humanities Comittee resigned Friday morning en masse with a letter written so that the first letters of every paragraph spelled “RESIST.” The members include Kal Penn, Paula Boggs, Chuck Close, Richard Cohen, Fred Goldring and more.
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Bannon Ousted White House Chief Strategist Steve Bannon was reportedly fired Friday morning, though he insists he resigned July 27—giving two weeks’ notice—but his leaving was put off because of the events in Charlottesville. He will return to Breitbart news to go to “war” for Trump.
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Still More Resignations Politico reported Friday afternoon that a "wave of resignations" hit the Commerce Dept.'s "digital economy" board. More than half the members of the 15-member board resigned.
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A Billionaire BFF Bails on Trump Billionaire investor Carl Icahn stepped down Friday afternoon as unofficial special advisor to Trump, though he doesn't pile on. “I sincerely regret that because of your extremely busy schedule, as well as my own, I have not had the opportunity to spend nearly as much time as I’d hoped on regulatory issues,” he said in a letter to Trump.
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From the manufacturing council to James Murdoch, Trump’s response to Charlottesville has severed ties
In the wake of Trump's response to a violent white supremacist rally, "Unite the Right," in Charlottesville, Virginia, last weekend, several business leaders, council members and media personalities severed ties with the president. Quite a lot actually.
WikiCommons
