21st Century Fox Urges UK's Secretary Of State To Expedite Regulatory Process

(RTTNews) - 21st Century Fox Inc. (FOX, FOXA) said it has noted today's statement by the Secretary of State for Digital, Culture, Media and Sport that she is continuing to consider the representations made before she makes her decision on the company's proposed acquisition of the remaining shares of British satellite television network Sky Inc. (BSY.L, SKY.L) that Fox does not already own.

21st Century Fox noted that it welcomed the recent statement by the Secretary of State that "Ofcom is unequivocal" regarding Fox's genuine commitment to broadcasting standards, following advice from the independent regulator which found "there are no broadcasting standards concerns which may justify a reference by the Secretary of State to the Competition and Markets Authority."

The company added it was pleased Ofcom concluded that undertakings to maintain the editorial independence of Sky News would mitigate any concerns around media plurality. But it is disappointed that the Secretary of State remains minded to refer on plurality.

"We respect the importance of regulatory scrutiny, and we continue in our commitment to work constructively with authorities as we have done since this process began. In light of the transaction's benefits to the UK creative economy, we would urge the Secretary of State to complete the regulatory process expeditiously," 21st Century Fox said.