Apr 21, 2017

Government extends Sky takeover enquiry

European competition authorities had already waved the deal through. Fox has agreed to pay £11.7bn to buy the 61% of Sky that it does not already own. Sky shareholders would receive £10.75 cash for each share, valuing the entire company at £18.5bn. Both Sky and Fox are controlled by businessman Rupert Murdoch, who also owns the Times and the Sun newspapers. Part of Ofcom's investigation will include whether Sky's potential new owners are "Fit and proper". Rupert Murdoch and his son Lachlan Murdoch are both joint chairmen of 21st Century Fox and News Corp, while his other son, James Murdoch, is chief executive of Fox.

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