EU clears 21st Century Fox takeover of Sky

(c) Sky News 2017: <a href="">EU clears 21st Century Fox takeover of Sky </a>

Competition authorities in Brussels have given the go ahead for 21st Century Fox to acquire full control of Sky plc (Frankfurt: 893517 - news) , the owner of Sky News.

The deal, which was agreed last December, has also been referred to Ofcom by Karen Bradley, the Secretary of State for Culture, Media and Sport.

The regulator now has 40 working days to decide whether the bid for Sky should go ahead.

It is due to report back to Ms Bradley by 16 May.

Fox, the world's fourth largest entertainment company and the maker of hit TV shows such as The Simpsons and Modern Family, already owns 39.1% of Sky.

The bid, worth £11.7bn, won unconditional approval from antitrust officials in Europe.

A green light from the European Commission was expected as they were happy to clear the deal in 2010 when News Corporation (Frankfurt: A1W048 - news) , the then-owner of Fox, attempted to take full control of Sky.