Fox Corp Pulls BSkyB Deal, Shares Tank; Update: It Appears The Deal Is Still On

Tyler Durden's picture

Update: News Corp. pulls antitrust submission only for BSKYB but the bid remains in effect.

Whatever, it's only a matter of time.

Casualty #2.

  • NEWS CORP. WITHDRAWS PROPOSED UNDERTAKINGS ON BSKYB
  • NEWS CORP. REFERS TO BSKYB COMPETITION COMMISSION REFERENCE
  • BSKYB DROPS AS MUCH AS 11% IN LONDON

Next up: the WSJ

Full release:

News Corporation withdraws proposed undertakings in lieu of reference with respect to its proposed acquisition of BSkyB
______________________
London, 11 July, 2011 – News Corporation today announces that it is withdrawing its proposed undertakings in lieu of reference to the Competition Commission with respect to its proposed acquisition of BSkyB.

Should the Secretary of State for Culture, Olympics, Media and Sport decide on this basis to refer the proposed transaction to the Competition Commission for a detailed review, News Corporation is ready to engage with the Competition Commission on substance.
News Corporation continues to believe that, taking into account the only relevant legal test, its proposed acquisition will not lead to there being insufficient plurality in news provision in the UK.

News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of March 31, 2011 of approximately US$60 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in six industry segments: cable network programming; filmed entertainment; television; direct broadcast satellite television; publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom,
Australia, Asia and Latin America.