Rupert Murdoch's News Corp took a huge step towards securing its prized $14 billion buyout of BSkyB on Thursday when Britain accepted proposals designed to alleviate competition concerns. The move, which could still be challenged by media rivals in court, would allow News Corp to avoid a prolonged investigation and instead start negotiating the terms of the deal, its most important and politically charged in Britain for decades.
As BSkyB consistently posts strong results, analysts had said the price for the satellite pay-TV group would only increase and News Corp is under pressure to secure a deal as soon as possible. In return for approval, News Corp will spin off the loss making but influential Sky News channel and guarantee its future by giving it a carriage-deal for the next 10 years.
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