Well the bid has been referred to the Competition Commission to look at plurality issues. This is a delaying tactic by Jeremy Hunt who is the Minister responsible for providing regulatory approval of the takeover.
I'm guessing Hunt is hoping for one of two things:
For the decision to take so long (39 weeks max) that the issue dies down and people lose interest, so he can wave it through, which was his original intention until last week.
There is an Ofcom (Office of Communications) review into whether or not News International is a 'fit and proper' owner of a broadcaster. The public view is that NI is not. This could take some time for a decision to be made - but if they decide NI is not fit and proper, then that would scupper the bid.
But the ramifications for NI could go much further because if NI are not fit and proper, they may have to sell off their existing holding. If this happens, it will be an unmitigated disaster for Murdoch because BskyB is incredibly profitable with no prospect of a serious competitor as entry into the market is impossible. I was going to say practically impossible, but the level of investment required and the domestic dominance of BSB is so total, it is impossible.
The stakes, political and ecomomic could barely be higher.
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