RNS Number : 6134J
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29 June 2017
RESPONSE TO SECRETARY OF STATE'S ANNOUNCEMENT ON PROPOSED ACQUISITION
29 June 2017
Sky plc ("Sky") notes today's announcement by the Secretary of State for Culture, Media and Sport on the proposed acquisition of Sky by 21(st) Century Fox, Inc. ("21(st) Century Fox") (the "Transaction"), and publication of Ofcom's report on the public interest considerations.
Having received Ofcom's report, the Secretary of State has indicated that she is minded to refer the Transaction to the Competition and Markets Authority ("CMA") for an in-depth review in relation to media plurality. The Secretary of State has indicated that she is not minded to refer in relation to commitment to broadcasting standards.
The Secretary of State has also indicated that she is not presently minded to accept undertakings offered by 21st Century Fox, which provide for the continued editorial independence of and current levels of investment in Sky News.
The Secretary of State has not reached a final decision. Before reaching a final decision, the Secretary of State will consider further representations. These are to be provided by 14 July, 2017.
Sky will continue to engage with the process as the Secretary of State reaches her final decision.
In the meantime, Sky welcomes today's announcement of Ofcom's decision that Sky would continue to be a fit and proper holder of its broadcast licences under full ownership of 21CF and will continue to operate its business as usual.
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Sky is Europe's leading entertainment company, serving 22 million customers across five countries - UK, Ireland, Germany, Austria and Italy. The company has annual revenues of GBP12 billion and is Europe's leading investor in television content with annual programming spend of over GBP5 billion.
From exclusive partnerships with HBO and Showtime, to Sky's own original programming, Sky offers the best and broadest range of content along with the best viewing experience to suit each and every customer. Whether that's through the multi-award winning next generation box, Sky Q, or Sky's contract-free online streaming service, NOW TV, customers have access to the latest movies, drama, sports and kids entertainment wherever and whenever they like. This is all supported by Sky's best in class customer service.
Sky's success is not just based on what the company does but how it does it. Named as one of the Top 10 Green Companies in the World by Newsweek, one of the world's most recognised rankings of business's environmental performance, Sky ensures its responsible business strategy is embedded right across the group.
Sky has over 30,000 employees and is listed as one of The Times Top 50 employers for women. Sky is listed on the London Stock Exchange (SKY).
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(END) Dow Jones Newswires
June 29, 2017 08:57 ET (12:57 GMT)