Mergers and Acquistions News
Categories: Media & Information Services
December 22nd 2010, 16:52PM
The European Union (EU) has given its regulatory approval for the proposed acquisition of broadcaster BSkyB by Rupert Murdoch's News Corp.
News Corp announced the plan to acquire BSkyB in June this year. It already owns 39 per cent of the company but wants a majority, controlling stake.
"I am confident that this merger will not weaken competition in the United Kingdom," EU competition commissioner Joaquin Almunia said.
"The effects on media plurality are a matter for the UK authorities," he added.
The merger has been in the news recently because of business secretary Vince Cable's comments on the situation.
During a covertly recorded conversation between Mr Cable and two undercover reporters from the Daily Telegraph, the Lib Dem MP said he had "declared war" on Mr Murdoch and would try to block any merger.
"You may wonder what is happening with the Murdoch press," Mr Cable said.
"I have declared war on Mr Murdoch and I think we're going to win."
He has since been removed from any involvement with the merger process.
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