7.12.2011

News Corpdan#039;s BSkyB bid referred to regulator


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 54010715 54010714 News Corpdan#039;s BSkyB bid referred to regulator

BBC's Business Editor Robert Peston on News International bid for BSkyB

News Corp said in its statement: "News Corporation today announces that it is withdrawing its proposed undertakings in lieu of reference to the Competition Commission with respect to its proposed acquisition of BSkyB.

"Should the Secretary of State for Culture, Olympics, Media and Sport decide on this basis to refer the proposed transaction to the Competition Commission for a detailed review, News Corporation is ready to engage with the Competition Commission on substance."

"News Corporation continues to believe that, taking into account the only relevant legal test, its proposed acquisition will not lead to there being insufficient plurality in news provision in the UK."

Many fear that if News Corp's proposed bid for BSkyB were successful, it would leave Rupert Murdoch's conglomerate owning too much of the British media.

Opposition to the bid has increased this week following revelations of alleged phone-hacking at News of the World, the Sunday paper owned by News International, which is part of News Corp.

The scandal has led to the closure of the newspaper and raised questions as to whether News Corp would be a "fit and proper" owner for BSkyB, as required by the media regulator Ofcom.

Share price fall

Mr Hunt said the Competition Commission would "consider media plurality, just as I was", and would not look at broader issues.

The commission could decide to block the deal entirely or could negotiate undertakings or circumstances under which it could go ahead, he said.

Ofcom was at liberty to investigate the issue of "fit and proper" at any time, he added, but would also have to take into account any subsequent undertakings negotiated by the Competition Commission.

BSkyB's share price fell throughout the day, falling to about 670p when News Corp put out its statement, well below the 700p level that News Corp offered for them in June 2010.

The broadcaster's shares ended the day down 4.6% at 715.5p.

source: bbcuk

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bbc.biz 12 Jul, 2011


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Source: http://arsipberita.com/show/news-corpdan039s-bskyb-bid-referred-to-regulator-265222.html
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