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CMA submits final report on Fox’s Sky takeover bid

Culture secretary Matt Hancock now has until 13th June to make a final decision on the deal

The Competition and Markets Authority (CMA) has sent its final report on 21st Century Fox’s proposed Sky takeover deal to the UK culture secretary.

Matt Hancock now has until 13th June to make a final decision on the deal. Information on the content and conclusions of the report were not made public.

A Sky independent board committee recently said it had withdrawn its support of the Fox deal after Comcast made an official higher offer, worth around £22 billion.

The CMA said back in January that while it had concerns on such so-called “media plurality” grounds, it did not have concerns in the second area its review has analysed, the combined company’s commitment to Britain’s broadcasting standards.

“Due to their existing track record in the UK and the range of policies and procedures the companies involved have in place to ensure broadcasting standards are met, we did not find public interest concerns in this regard,” the regulator had said in January.

Sky and Fox have offered to legally separate and ringfence Sky News to seal the deal. Sky has also offered to sell Sky News to Walt Disney to help address the CMA’s requirements about Sky News’ independence from Fox.