Following culture secretary Jeremy Hunts decision to approve the proposed takeover of pay TV operator BSkyB by News Corp subject to a further week-long consultation period, News Corp has said it will Âcontinue to engage constructively with the regulatory processÂ.
It is widely believed that News Corp will now move swiftly to secure a deal, with some reports suggesting the companies could secure an agreement ahead of the broadcasterÂs full-year results announcement on July 29.
Under the terms of an agreement struck between News Corp and Sky last year, a deal with independent investors should be struck within two months of HuntÂs final approval. If that fails to happen, News Corp would require agreement of 70% of SkyÂs shareholders for any deal to be completed for three months, after which it will pay a Â£38.5 million (Â42.7 million) fee to the broadcaster and the threshold for agreement would come down to 50.1% of the companyÂs shareholders.Â
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