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Sky News is a British news organisation, which operates a TV network of the same name, a radio station, and produces news bulletins for ITV and Channel 4. Despite its name, it is not owned by British Sky Broadcasting.
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Murdoch’s History with Sky News
Rupert Murdoch is an Australian-born American media mogul who owns the News Corporation. One of Murdoch’s most notable acquisitions is Sky News, a British 24-hour news channel. Murdoch has had a long and complicated history with Sky News.
Murdoch’s hostile takeover bid for Sky in 2011
In 2010, the Murdochs acquired a controlling stake in Sky News’ rival broadcaster, British Sky Broadcasting (BSkyB). The following year, Murdoch made a hostile takeover bid for theportion of BSkyB that he did not already own.
The bid was widely opposed by the UK public and media, as it would have given Murdoch too much control over the country’s news media. The UK government referred the bid to the country’s competition regulator, which ultimately blocked it on the grounds that it would be “against the public interest.”
Murdoch’s purchase of Sky Italia in 2014
In 2014, Murdoch’s 21st Century Fox (now part of Walt Disney Company) bought the 61% of Sky Italia that it did not already own, for a total cost of about $9 billion. The move made Sky News an international news channel for the first time and gave Murdoch control of a major asset in one of Europe’s most important markets.
Murdoch’s purchase of a stake in Sky Deutschland in 2015
In 2015, Murdoch’s 21st Century Fox (which was spun off from News Corp in 2013) purchased a 9% stake in Sky Deutschland, a German satellite broadcaster in which it already held a 39% stake. The purchase of the additional stake made 21st Century Fox Sky’s biggest shareholder.
Murdoch’s Current Ownership of Sky News
The Murdoch family currently owns Fox News, which is a US-based cable channel. They also own The Sun and The Times, which are both based in the UK. In addition to these, the Murdochs also own a stake in Sky News.
Murdoch’s 21st Century Fox owns 39% of Sky
21st Century Fox owns 39% of Sky, the largest pay-TV broadcaster in the UK. The Murdoch family also controls Fox News in the US.
In 2011, News Corporation split into two companies: 21st Century Fox, which houses its entertainment businesses, and News Corporation, which houses its news businesses.
The Murdoch family controls both companies through a holding company called the Murdoch Family Trust.
Murdoch’s News Corporation owns 63% of Sky
Murdoch’s News Corporation owns 63% of Sky, which gives him a controlling stake in the company. The Murdoch family also controls 21st Century Fox, which owns 39% of Sky. Murdoch’s son, James Murdoch, is the current CEO of Sky.
In 2011, Murdoch’s News Corporation attempted to take full control of Sky by buying the remaining 61% of the company that it did not already own. This attempt was derailed by the News International phone hacking scandal, which forced Murdoch to abandon the bid.
The Future of Murdoch’s Ownership of Sky News
Rupert Murdoch’s 21st Century Fox has been trying to purchase Sky News for years, and now that the company has finally succeeded, many are wondering what the future of Sky News will be. Murdoch is no stranger to owning media outlets, and with Sky News under his control, it is likely that the network will undergo some changes.
The UK government’s review of Murdoch’s 21st Century Fox’s takeover bid for Sky
The UK government has referred Murdoch’s 21st Century Fox’s takeover bid for Sky to the country’s competition watchdog for a full investigation.
The move by the UK secretary of state for digital, culture, media and sport, Matt Hancock, comes after weeks of pressure from rivals and critics of the deal.
Hancock said in a statement on Tuesday that he had “decided to refer the matter to the Competition and Markets Authority (CMA) for a phase 2 investigation on the grounds of public interest”.
“I have today written to Ofcom setting out my decision,” Hancock said.
“My priority has always been to make sure that this deal is in the interests of all Sky News’ viewers and I have been clear throughout this process that I would only allow it to proceed if sufficient safeguards were put in place to protect the impartiality of Sky News.”
21st Century Fox said in a statement that it was “disappointed” by the decision to refer the deal to the CMA.
“We await further guidance from Ofcom but remain confident that a full review of all the evidence will confirm that there are no broadcasting standards concerns arising from Fox’s minority shareholding in Sky,” it said.
The European Commission’s investigation into Murdoch’s News Corporation’s purchase of Sky Italia
The European Commission is investigating whether Rupert Murdoch’s News Corporation breached EU rules when it bought Sky Italia in 2007.
The Commission said on Wednesday it had “opened an in-depth investigation to assess whether the acquisition of Sky Italia by News Corporation is in line with the EU Merger Regulation”.
News Corp already owned British broadcaster Sky News before it bought Sky Italia. The Commission said its initial investigation “raises doubts that the transaction would not have lead to a change of control of Sky News”.
“In particular, the Commission is concerned that the proposed transaction could increase the market dominance of News Corporation as a news provider in the United Kingdom and Ireland,” it added.
The Commission has until December 10 to decide whether to approve the deal.
The potential sale of Murdoch’s News Corporation’s stake in Sky Deutschland
Rupert Murdoch’s News Corporation is in talks to sell its stake in Sky Deutschland to Eastern European pay-TV group CME, it has been reported.
CME, which is controlled by US private equity firm KKR, already owns a majority stake in Sky Deutschland.
The deal would see News Corp sell its 39 per cent stake in the German broadcaster for around £2 billion (€2.4 billion).
News Corp acquired the stake in Sky Deutschland as part of its £7.8 billion takeover of BSkyB in 2010. However, the sale of the stake would help News Corp to focus on its core businesses and reduce debt.
It is thought that CME would finance the deal through a combination of debt and equity. The deal is not yet finalised and could still collapse, but it is reported to be at an advanced stage.
