According to the Daily Beast, the U.K.'s Competition and Markets Authority (CMA) has blocked media mogul Rupert Murdoch's attempt to acquire Sky Tv, saying the $16 billion move would result in “the Murdoch family having too much control over news providers in the U.K., and too much influence over public opinion and the political agenda.”
Rupert Murdoch and his sons Lachlan and James already control Britain’s biggest selling newspaper The Sun, as well as The Times and Sunday Times through their publishing company News Corp.
Murdoch has battled for more than a decade to get his hands on the highly profitable Sky business, in which he already holds a 39 percent stake. Today, British authorities said that would not be “in the public interest.”
It is possible that the deal could go through if the Fox News CEO relinquishes the news portion of the media conglomerate, but it remains unclear how Murdoch will proceed.
“Media plurality goes to the heart of our democratic process. It is very important that no group or individual should have too much control of our news media or too much power to affect the political agenda,” she said.
Fox issued a statement lamenting the decision but vowing to work with the CMA toward a workable deal:
“We welcome the CMA’s provisional finding that the company has a genuine commitment to broadcasting standards and the transaction would not be against the public interest in this respect,” a spokesman said.
“Regarding plurality, we are disappointed by the CMA’s provisional findings. We will continue to engage with the CMA ahead of the publication of the final report in May.”