July 12, 2018 / 11:03 AM / 2 months ago

Britain finally clears Murdoch's Fox to bid for Sky

LONDON (Reuters) - Britain finally cleared Rupert Murdoch to buy Sky (SKYB.L) on Thursday, removing the final obstacle to a head-to-head battle between Murdoch’s Twenty-First Century Fox (FOXA.O) and U.S. rival Comcast (CMCSA.O) for the European pay-TV prize.

FILE PHOTO: The 21st Century Fox logo is displayed on the side of a building in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo

Culture Secretary Jeremy Wright said: “It is now a matter for the Sky shareholders to decide whether to accept 21st Century Fox’s bid.”

Fox raised its offer for the 61 percent of Sky it does not own to 14 pounds a share, valuing the group at $32.5 billion(24.60 billion pounds), on Wednesday, only to see Comcast come back with a $34 billion bid.

Wright’s predecessor Matt Hancock said last month that Fox’s proposal to sell Sky News to Walt Disney co (DIS.N), or to an alternative buyer, was likely to be the best remedy to assuage concerns about the extent of Murdoch’s influence over the media in Britain.

Reporting by Paul Sandle; editing by Kate Holton

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