Nov 8, 2017

Sky threatens to shut down Sky News to aid Fox takeover

Sky has threatened to shut down Sky News if the news channel proves to be a major obstacle in its takeover bid by Rupert Murdoch's 21st Century Fox. Sky told the Competition and Markets Authority that the regulator should not assume "The continued provision" of Sky News. In a submission made to the CMA last month, but published by the regulator on Tuesday, Sky said it "Would likely be prompted to review" its position if "The continued provision of Sky News in its current form unduly impeded merger and/or other corporate opportunities available in relation to Sky's broader business". The BBC understands that closing Sky News would only be an option of last resort, and that Sky would try to find a buyer for the media company before that eventuality. "It employs hundreds of journalists, it produces world-class material, but it loses tens of millions of pounds, and I think the independent directors of Sky are sending a very clear message... that if they had to choose, maybe they'd prefer for commercial reasons to do the deal with 21st Century Fox rather than continue to fund the losses at Sky News.".

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