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UK culture min refers News Corpa[euro](tm)s BSkyB buyout to competition commission.


UK culture secretary Jeremy Hunt will send News Corpa[euro](tm)s (NASDAQ:NWSA) proposed deal to buy out British pay-TV company BSkyB (LON:BSY) to the Competition Commission for a full review, the minister told parliament on Monday.

Amid a phone hacking scandal at its News of the WorldA newspaper, News Corp said in a statement it was ready to withdraw steps made to avoid a probe by the Competition Commission, opening the door for long delays.

The culture secretary said the Competition Commission would now have the chance to consider all a[euro]oerelevant recent developmentsa[euro] in its evaluation of the deal.

News Corp has proposed to buy out the 61% not already owned in BSkyB in a USD14bn (EUR10bn) deal.Country: , UKSector: MediaTarget: British Sky Broadcasting Group plcBuyer: News CorporationDeal size in USD: 14bnType: Corporate acquisitionStatus: Bidding, Delayed

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Publication:M & A Navigator
Date:Jul 12, 2011
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