The European Commission has approved 21st Century Fox’s takeover of Sky, finding that the transaction will not raise any competition concerns in the region.
“Fox and Sky are mainly active in different markets in Austria, Germany, Ireland, Italy and the U.K.,” the Commission said in a press release. “They compete with each other only to a limited extent, mainly in the acquisition of TV content and in the wholesale supply of basic pay-TV channels. The Commission found that the proposed transaction would lead to only a limited increase in Sky’s existing share of the markets for the acquisition of TV content as well as in the market for the wholesale supply of TV channels in the relevant member states.”
21st Century Fox issued a statement welcoming the approval. “We now look forward to continuing to work with U.K. authorities and are confident that the proposed transaction will be approved following a thorough review process.”