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BSkyB takeover plan receives flurry of late submissions BSkyB takeover plan receives flurry of late submissions
(about 2 hours later)
A deluge of last-minute submissions on News Corporation's proposed bid for BSkyB is likely to push back any final decision on the deal until September. A final decision on News Corporation's proposed takeover of BSkyB is still some way off, Culture Secretary Jeremy Hunt has indicated.
Culture Secretary Jeremy Hunt has received tens of thousands of comments on the deal following the controversy over the phone hacking affair. His department has received a deluge of last-minute submissions on News Corp's plan to buy control of the broadcaster.
The deadline for submissions is Friday, but the flurry of late entries is likely to take several weeks to assess. It will "take some time" to assess the "volume of responses", the department said in a statement.
Prime Minister David Cameron said on Friday a decision may take "some time". Mr Hunt will also consider whether closure of the News of the World will affect the deal and UK media plurality.
"Governments must follow the proper legal processes and procedures. That is exactly what Jeremy Hunt is doing. His role is to take the advice of independent regulators. Consultation on plans by Rupert Murdoch's News Corp to buy the 60.9% of BSkyB it does not already own closes on Friday.
"And, as his department made clear, given the events of recent days, this will take some time," Mr Cameron told reporters. But following revelations about phone hacking and other activities by the NoW, Mr Hunt has received thousands of new submissions this week.
Rupert Murdoch's News Corp, which owns 39.1% of BSkyB, has offered 700p a share for the remainder of the satellite broadcaster. Campaigners against the BSkyB takeover believe that more than 200,000 submissions will be lodged by the deadline.
At a press conference on Friday, Prime Minister David Cameron told reporters that a final decision on the takeover would take "some time".
This was followed up by a statement on behalf of Mr Hunt. "The Secretary of State has always been clear that he will take as long as is needed to reach a decision," it said.
All the responses submitted will be carefully considered, and Mr Hunt will "take advice from Ofcom and the Office of Fair Trading before reaching his decision".
The statement continued: "Given the volume of responses, we anticipate that this will take some time. He will consider all relevant factors including whether the announcement regarding the News of the World's closure has any impact on the question of media plurality."
News Corp, which owns 39.1% of BSkyB, has offered 700p a share for the remainder of the satellite broadcaster.
Mr Hunt has previously signalled that he is minded to approve the takeover, subject to News Corp spinning off Sky News.Mr Hunt has previously signalled that he is minded to approve the takeover, subject to News Corp spinning off Sky News.
However, the controversy over phone hacking at the News of the World, a paper owned by News Corp, has led to Mr Hunt's department receiving a mass of late submissions. In a statement News Corp said "it notes today's comments by the Prime Minister" on the BSkyB bid and "our priority is to continue to co-operate with [Mr Hunt] and the existing regulatory process".
Campaigners against the BSkyB takeover believe that more that more than 200,000 submissions will be lodged by Friday's deadline. Shares in BSkyB fell more than 4% in morning trading on Friday as investors speculated that the NoW affair would damage News Corp's bid.
Labour leader Ed Miliband called for the bid to be referred to the Competition Commission.
Rivals gain
The 168-year-old News of the World is being closed after it publishes its last edition this Sunday.
The tabloid is accused of hacking into phones of crime victims, celebrities and politicians. Police have identified 4,000 possible targets.
Shares in BSkyB fell 2.5p to 810p in early trading as investors speculated that the NoW affair would damage News Corp's bid.
Alex DeGroote, analyst at Panmure Gordon, said in a research note published on Friday: "Probability of deal collapse much higher now."Alex DeGroote, analyst at Panmure Gordon, said in a research note published on Friday: "Probability of deal collapse much higher now."
Shares in other UK media companies rose on hopes they will grab market share from NoW's closure. Trinity Mirror shares rose more than 10%. Rivals gain
One of the concerns about the takeover had been that News International, which runs News Corp's UK papers, has too dominant a position in UK media. Shares in other UK media companies rose on hopes they will grab market share from NoW's closure. Trinity Mirror shares rose as much as 12% in early trade before slipping back.
On Friday, Labour leader Ed Miliband called for the bid to be referred to the Competition Commission.
The European Commission has already cleared the proposed takeover on competition grounds, as broadcasting and newspaper ownership are considered two distinct markets.
However, the UK Competition Commission could consider the deal's impact on the plurality of the media, and whether it reduced the number of independent voices.
The 168-year-old News of the World is being closed after it publishes its last edition this Sunday, although there is speculation that the Sun newspaper could start publishing on Sundays.
The NoW is accused of hacking into phones of crime victims, celebrities and politicians. Police have identified 4,000 possible targets.