DIS Walt Disney Co

   By Adria Calatayud 
 

21st Century Fox Inc. (FOX) said Tuesday that it submitted a fresh set of remedy proposals to address U.K. regulators' media plurality concerns over its bid to acquire the 61% of Sky PLC (SKY.LN) it doesn't already own.

Fox proposed separating Sky News from the rest of Sky, with operational independence for 15 years and funding guaranteed by 21st Century Fox. Alternatively, Fox said Walt Disney Co. (DIS) has expressed an interest in acquiring Sky News, irrespective of whether Disney's proposed acquisition of 21st Century Fox assets proceeds.

These measures are aimed at addressing the concerns expressed by the U.K. Competition and Markets Authority, which in January said the deal would be against public interest and that it would give the Murdoch family too much influence in British media.

Sky said in a separate statement that it believes both of these remedy proposals address any plurality concerns the CMA may have, and would guarantee the long-term future of Sky News and its ongoing editorial independence. However, it advised shareholders to take no action as the regulatory process remains ongoing.

Comcast Corp. (CMCSA) in February said it was planning a 22.1 billion pound ($31.0 billion) offer for Sky, topping Fox's bid of $16 billion for the remaining stake it doesn't own.

21st Century Fox and News Corp., parent company of Dow Jones, share common ownership. The two companies, which split in 2013, each count the Murdoch family as a major shareholder.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

April 03, 2018 03:09 ET (07:09 GMT)

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