21st Century Fox Comments On Ofcom's Decision On Sky's Broadcasting License

(RTTNews) - 21st Century Fox (FOX) issued a statement in response to the announcement by the Secretary of State for Culture, Media and Sport that she is minded to refer its proposed acquisition of Sky to the Competition and Markets Authority for a phase two review in respect of the media plurality ground. The company said it will now make representations to the Secretary of State regarding her provisional decision and Ofcom's report, and will continue to work constructively with the UK authorities.

Ofcom's report stated that the proposed transaction would give the Murdoch Family Trust material influence over news providers with a significant presence across all key platforms.

"While we welcome the Secretary of State's decision on broadcasting standards, we are disappointed that she does not accept Ofcom's recommendation stated in its report that "….the proposed undertakings offered by Fox to maintain the editorial independence of Sky News mitigate the media plurality concerns," the company said.

In the event that the Secretary of State makes a final decision to refer to the CMA, the company expect that the review would take at least 24 weeks. In such an event, the transaction is expected to close by June 30, 2018.