Fox extends Sky News commitment to ten years
February 21, 2018 10.27 Europe/London By Julian Clover
21st Century Fox has told the Competition and Markets Authority (CMA) that it intends to double its commitment to Sky News from five to ten years.
In a letter released from Fox solicitors Allen & Overy, released by the CMA, Fox says it will commit to a further five years over and above its earlier proposal “taking into account market conditions and the level of investment required to maintain a Sky-branded news service”.
Fox is bidding £11.7 billion to take control of Sky, but is itself the subject of interest from Disney.
The commitment is no longer subject to Fox owning more than 39.14% of the shares in Sky or a successor – potentially tying a Disney owned Sky to the same conditions.
An independent Sky News Board, previously referred to as the Sky News Editorial Board, would now be able to appoint a future Head of Sky News.
On January 22 the CMA proposed for Sky News to become a separate PLC with an independent board of directors. It’s concerned the Rupert Murdoch company would have too much control over British media.