News Corp closes on deal
RUPERT Murdoch’s News Corp has agreed a deal with regulators to buy the remaining shares it does not own of British Sky Broadcasting.
Culture secretary Jeremy Hunt, the minister with responsibility for the merger decision, will call a second, one-week consultation process.
He will then decide whether to refer the deal to the Competition Commission or grant News Corp permission.
The international media conglomerate will then sign a series of complex broadcasting contracts that will allow for Sky News to be spun-off.
Separating the 24-hour rolling news channel from BSkyB under complete News Corp control is seen as a measure to satisfy regulators over concerns of media plurality.
Final merger clearance from the government is not expected to be given to News Corp until July at the earliest.