losangelesnewstoday.com
losangelesnewstoday.com April 26, 2018


Disney makes offer for Sky News

04 April 2018, 01:09 | Maryann Sutton

CREDIT Courtesy of Sky

CREDIT Courtesy of Sky

USA cable giant Comcast gate crashed the deal in February when it said it would offer 12.50 pounds a share to buy Sky, compared to Fox's 10.75 pounds, although it has not yet made a formal bid.

The second option would be to transfer Sky News into a legally separate entity which would then be sold to Disney after completion of 21st Century Fox's acquisition of Sky, irrespective of whether Disney's proposed acquisition of 21st Century Fox reaches completion.

Disney would still have to receive regulatory approval if it agrees to buy Sky News. The Murdoch-controlled Hollywood studio has proposed two new offers to British regulators to help get its $15B deal over the line.

The CMA has said the deal - which will see Murdoch acquire the 61 per cent of Sky he doesn't already own - is not in the public interest, but has yet to make a final ruling on it.

Money-losing Sky News is the last regulatory hurdle in 87-year-old Murdoch's long campaign to buy Sky, which has grown from its United Kingdom beginnings to become Europe's biggest pay-TV group.

Their view appeared vindicated when Comcast said it would pay 12.50 pounds a share to buy Sky, although it has not yet made a formal bid.

The deal is being scrutinised by the Competition and Markets Authority.

Waymo announces new fleet of self-driving Jaguar I-Pace crossovers
On Tuesday, Waymo and Jaguar announced plans to jointly develop a large fleet of all-electric, self-driving luxury vehicles. The vehicles will initially be accessible only via Waymo's ride hailing app. "This is a production-ready vehicle".

Under Fox's first proposal to address those concerns, the USA group would establish Sky's loss-making news business as a distinct company within the wider group, with a "fully independent" board and guaranteed funding from Fox for 15 years.

Analysts Liberum Capital said the Fox remedies "should be adequate" to overcome the regulator's media plurality concerns.

21st Century Fox anticipates that it will acquire the remainder of Sky by 30 June.

The Sky News proposal would take place regardless of whether that acquisition was successfully concluded, Fox said.

Sky News is of particular concern to the CMA because Mr Murdoch already owns newspapers the Sun, the Times and the Sunday Times as well as several radio stations. In February, Comcast jumped in with a competing $31 billion bid for Sky after missing out on the deal for Fox's entertainment assets that went to Disney. Fox planned to fund the independent organization for 15 years, before they planned to fund it for a decade.

The four said the promises did not go far enough, given Murdoch's record of influence.

"We have now submitted a new, revised set of remedies should they be considered necessary by the CMA and ultimately by the Secretary of State for Digital, Culture, Media and Sport", Fox said in a statement.



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