Fox willing to back independent Sky News

Sky share price Fox commits to Sky News independence

In related news, Fox has pledged to keep its United Kingdom channel Sky News independent and continue funding the loss-making business for five years as it seeks to reassure regulators over its proposed US$15.7bn takeover of European pay TV firm Sky.

This comes as Fox has spent over a year attempting to buy the 61% in Sky, which is controlled by the Murdoch Family Trust, which also controls News Corporation, the publisher of British newspapers including The Sun and The Times, that it does not now own.

The Competition and Markets Authority (CMA) provisionally found that if the deal went ahead as planned, it would give the Murdoch family too much control over news providers in the UK.

The Murdoch-owned group has tabled a series of measures to "guarantee" the editorial independence of Sky News following concerns from Britain's competition watchdog that a tie-up would hand the tycoon too much control over British media.

Now Fox has moved to assuage concerns by pledging to set up a fully independent board in a bid to win over the United Kingdom competition regulator and clear the way for it to acquire the remaining 61% stake in Sky.

Fox, which was founded by media mogul Rupert Murdoch, is offering £11.7bn for the 61 per cent stake in Sky that it does not already own.

U.S. production putting brakes on oil price surge, says world energy body
It also noted that trade patterns were changing, and the U.S. was, for example, now exporting to the United Arab Emirates. The market bounced around earlier, losing ground after higher-than-expected USA inflation figures that boosted the dollar.

Sky added, however, that it viewed the Fox proposals as "an effective and comprehensive solution to any potential concerns", and the plans would be "straightforward to implement and monitor".

However, the CMA found the deal would not be against the public interest on the grounds of broadcasting standards. In addition, "no employee or officer" of 21st Century Fox or member of the Murdoch family would "influence or attempt to influence the editorial choices made by the head of Sky News".

While speaking at Recode's Code Media event on Monday, 21st Century Fox president and Fox Networks group chairman Peter Rice said he thinks his company is "a great fit for Disney".

WSJ says it did not receive a response from either Fox or Disney and that Comcast may not really make a definitive offer to acquire the mouse house catch finally.

The Disney and Fox deal is still 12-18 months out, but an issue that has come up is that Fox Studios shareholders need to approve the deal.

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