European regulator approves News Corp’s bid for UK pay TV operator BSkyB
22 Dec 2010
Rupert Murdoch's News Corp, yesterday received unconditional approval from the European regulator for its bid to acquire UK satellite-television company British Sky Broadcasting Group PLC (BSkyB).
The European Commission (EC) concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
''I am confident that this merger will not weaken competition in the United Kingdom. The effects on media plurality are a matter for the UK authorities,'' EC commissioner Joaquín Almunia said in a statement.
The EC's findings "are without prejudice to the ongoing investigation by the competent UK authorities of whether the proposed transaction is compatible with the UK interest in media plurality," the EC said in an underlined statement.
In June 2010, News Corp moved in to take full control of BSkyB by proposing to buy the remaining stake it does not already own in the UK's largest pay TV provider, for £12 billion. (See: News Corporation bids for full control of BSkyB)
News Corp already owns 39 per cent of BSkyB, in which, Rupert Murdoch's son James Murdoch, is the chairman.