Murdoch’s £11.7billion bid to buy Sky is set to go ahead

Murdoch’s £11.7billion bid to buy Sky is set to go ahead

Rupert Murdoch’s £11.7billion bid to buy Sky outright is finally set to go ahead after Culture Secretary Matt Hancock said he would accept protections for Sky News.

The 21st Century Fox bid has been bogged down with competition regulators for more than a year and will still face another consultation over 15 days.

But Mr Hancock’s confirmation he will endorse ‘updated’ and ‘improved’ protections for the 24 hour news channel effectively clears the final hurdle. 

Under the deal, Fox will sell Sky News to Disney with a promise of 15 years of funding at a rate of £100million a year. 

Rupert Murdoch’s £11.7billion bid to buy Sky outright is finally set to go ahead after Culture Secretary Matt Hancock said he would accept protections for Sky News

Matt Hancock’s confirmation he will endorse ‘updated’ and ‘improved’ protections for the 24 hour news channel effectively clears the final hurdle

Those terms – which assume the sale of Sky News to Disney, which is separately bidding for some of Fox’s assets – include a commitment from Disney to operate and maintain the news service for 15 years, up from 10 years.

It would also bar Disney from selling Sky News over that period without explicit Government approval, and extend the funding commitment from 21st Century Fox from 10 to 15 years.

The news broadcaster would also see a boost in total funds to at least £100 million per year – with operating costs protected in real terms.

That is on top of a formal commitment from Disney to preserve editorial independence at the news broadcaster.

What has 21st Century Fox p

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