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Rupert Murdoch’s Sky takeover reportedly gets EU approval

Rupert Murdoch’s Sky takeover reportedly gets EU approvalRupert Murdoch’s 21st Century Fox has reportedly been given the green light to take over European broadcaster Sky, paving the way for the creation of a media empire that will span two continents and take on major emerging rivals, The Independent said on Friday.

The former struck a preliminary deal to snap up the 61 per cent of Sky that it does not already own in December last year.

The offer of £10.75 a share in cash, valuing the deal at £11.7bn, was at the time backed by Sky’s independent directors but became subject to intense scrutiny on concerns that a deal might breach competition rules.

Speaking in March, Culture Secretary Karen Bradley said that she had concerns relating to media plurality and the combined company’s commitment to broadcasting standards. The deal has been referred to regulator Ofcom.

If it goes ahead, the takeover would come five years after Murdoch's last tilt at taking full control of the business through News Corporation and will likely strengthen the position of James Murdoch – who is both chief executive of Fox and chairman of Sky – in his father’s media empire.

Rupert Murdoch has been a mogul Britain's media and political landscape for years, and several prime ministers, including Tony Blair and David Cameron, have relied on the support of his newspapers.

Reuters last year reported that Fox will take on about $10bn of debt to fund the acquisition.
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