Rupert Murdoch’s Twenty-First Century Fox has pledged to keep Sky News independent as it looks to assuage concerns related to its proposed acquisition of Sky (LON:SKY). The move came after the Competition and Markets Authority (CMA) recently ruled that the deal was not in the public interest.
Sky’s share price has inched higher in London in today’s session, having added 0.43 percent to 1,051.50p, as of 14:27 GMT. The shares are under performing the broader UK market, with the benchmark FTSE 100 index currently standing 1.28 percent higher at 7,183.24 points.
Fox to keep Sky News independent
Twenty-First Century Fox has offered a series of measures to allay competition concerns, pledging to run Sky News for at least five years and establish a fully independent, expert editorial board to guarantee the newswire’s editorial independence. The response came after the CMA recently ruled that if Fox’s takeover of Sky “went ahead, as currently proposed, it is likely to operate against the public interest,” and set out a series of potential options, including insulating Sky News from Murdoch Family Trust.
Fox noted that the combined effect of its proposals meant that “there could be no circumstances in which, postTransaction, the MFT or members of the Murdoch family could influence, whether directly or indirectly, the editorial line or policy of Sky News”.
Sky sees proposals as ‘effective’
Sky meanwhile commented that the remedies proposed by Fox “would be an effective and comprehensive solution to any potential concerns arising from the Transaction,” and that the plans were “straightforward to implement and monitor”.
The BBC notes that the CMA is due to present its final report to Culture Secretary Matt Hancock by May 1, and that he has said that he will make a decision on the deal by June 14.