Sky News may be permanently shut down due to new take-over deal
The 24-hour news channel has been broadcasting for 28 years across 138 countries, and may soon be coming to an end.
Yesterday we reported on the fact that Disney were in very early talks on buying 21st Century Fox, which would see them owning some very impressive intellectual properties.
Today, the Financial Times are reporting that Sky has threatened to close down Sky News permanently if it remains an issue in the selling of the company to 21st Century Fox.
Rupert Murdoch, a majority shareholder and CEO of both Sky and 21st Century Fox, is looking to sell one to the other, in a £11.7bn takeover of the European pay-television operator.
The UK’s Competition Markets Authority received a submission from Sky which warned that the fears of a media monopoly in the UK should the purchase of Sky by Fox go through could be allayed by Sky effectively shutting down Sky News.
However, the purchase and ownership of Sky by 21st Century Fox was not a part of the potential Disney buy-out, and should the Competition Markets Authority allow the sale, it may further complicate that Disney deal.
Claire Enders, founder of Enders Analysis, told the Financial Times the following:
"There is no legal opportunity for Disney to secure Sky right this minute or at any time before the Fox-Sky transaction clears the full regulatory process. Fox is legally bound to make an offer to the minority Sky shareholders."