News Corp’s BSkyB bid referred back to Ofcom

News Corp’s faltering bid for control of UK pay TV platform BSkyB is expected to be referred back to communications regulator Ofcom.

UK culture secretary Jeremy Hunt is writing to Ofcom and the Office of Fair Trading, seeking guidance on the bid, which is proving controversial in light of the allegations of illegal phone hacking at the News Corp’s newspaper division. Hunt is seeking advice on the bid and could ultimately refer the matter to the Competition Commission.

BSkyB’s share price has continued to fall in the wake of the ongoing crisis, dropping to below £7 (€7.88) per share from a recent high of almost £8.50. News Corp’s stock, meanwhile, is proving more resilient, registering only a small decline.

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