CMA Says Fox, Sky Deal Not Against Public Interest On Broadcasting Standards

(RTTNews) - UK Competition and Markets Authority or CMA on Tuesday published provisional findings and the related notice of possible remedies regarding its investigation into the proposed acquisition of the remaining shares in Sky plc (BSY.L, SKY.L) by Rupert Murdoch's 21st Century Fox, Inc. (FOXA, FOX).

In its statement, Sky noted the provisional view of the CMA, that the transaction is not likely to operate against the public interest on broadcasting standards grounds.

Sky also noted the CMA's provisional view that the transaction may be expected to operate against the public interest on media plurality grounds. At the same time, the CMA has set out possible remedies relating to these concerns, and is seeking submissions on these.

According to the updated administrative timetable published by the CMA, the deadline for its final report to the Secretary of State is now May 1, 2018.

The CMA stated that it has extended the timetable due to the "exceptional volume of substantive submissions, the need to hold a large number of hearings and the novelty and complexity of the investigation".

Sky will make a further announcement as and when appropriate.

Further, 21st Century Fox said that CMA's provisional findings move its proposed Sky transaction forward to the next phase of the regulatory review process.

The company welcomed the CMA's provisional finding that it has a genuine commitment to broadcasting standards and the transaction would not be against the public interest in this respect.

Regarding plurality, 21st Century Fox said it is disappointed by the CMA's provisional findings. The firm will continue to engage with the CMA ahead of the publication of the final report in May.

The company anticipates regulatory approval of the transaction by June 30, 2018.