Nov 7, 2017

Sky shareholders on the horns of a dilemma

Since March, the Competition & Markets Authority has been investigating Mr Murdoch's proposed £11.7bn deal to buy the 61 per cent of TV group Sky he does not already own, via his 21st Century Fox group. So imagine how the CMA felt on Monday, when reports emerged that Fox has been in talks to sell most of its businesses, including its 39 per cent stake in Sky, to Disney. So how should Sky shareholders feel? They face three possible situations. First, if Fox's 39 per cent stake in Sky could pass to Disney or a new owner before the UK deal is done, some think it would leave the new owner to make a new mandatory bid for Sky, with fewer plurality concerns. Fox's current £10.75-a-share offer requires 75 per cent of Sky investors to accept it.

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