21st Century Fox Cleared For Sky Takeover Bid

(RTTNews) - The U.K. government Thursday has cleared proposed deal for Rupert Murdoch's 21st Century Fox (FOX, FOXA) to buy Sky Plc. (BSY.L, SKY.L).

The U.K. Secretary of State for Department for Digital, Culture, Media and Sport Jeremy Wright said, "It is now a matter for the Sky shareholders to decide whether to accept 21st Century Fox's bid."

On Wednesday, Comcast Corp. (CMCSK, CMCSA) increased cash offer for Sky to 26 billion pounds or about $34 billion. The move by Comcast came less than a day after 21st Century Fox increased its offer to 24.5 billion pounds.

Wright's predecessor Matt Hancock said last month that Fox's proposal to divest Sky News to Walt Disney co (DIS), or to an alternative buyer could potentially remedy the public interest concerns identified.

Separately, Sky today said it welcomed written ministerial statement by the Secretary of State for Department for Digital, Culture, Media and Sport regarding 21CF's offer for Sky.

Sky said, "21CF's offer for Sky has now cleared its outstanding regulatory pre-conditions. This follows the satisfaction by Comcast on 15 June 2018 of its outstanding regulatory pre-conditions, meaning both offers for Sky are now capable of being put formally to Sky Shareholders."