Aug 10, 2017

21st Century Fox expects Sky approval in 2018

Approval of 21st Century Fox's proposed takeover of Sky is likely to come in the first half of 2018, the company said on Wednesday, in a sign it is gearing up for wider review of the merger. Fox is seeking to buy the 61% of Sky it doesn't own. Fox told investors on Wednesday that setting aside money for the deal remains a priority, noting that the company has already received necessary approvals in Europe. "We remain confident our transaction will be approved, but more likely in the first half of 2018 than before the end of this calendar year," said James Murdoch, chief executive of 21st Century Fox. Over the 12 months to the end of June, Fox made $3bn in profit for shareholders, with revenues growing by 4% to $28.5bn. The firm's revenue in the fourth quarter increased 1.5% to $6.7bn, powered by growth in its cable division, which includes Fox News and FX channel.

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