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Murdochs Sky Takeover

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So I see that by floating off Sky News and turning B Sky B into a Sports/Entertainment network, News International gets to be cleared to buy the remaining shares.

I heard a lot about this yesterday, including a bit on QT and something from Diane Abbott on This Week. There's also been plenty on the Grauniad/BBC about how Jeremy Hunt was simply making good on being bought off by News Corp support in the last election.

Basically, I "got" it that it felt dodgy to have a guy owning newspapersand a TV news channel. Hell, imagine that happening in a European country! So as I understand it, he can't gain a majority in that and neither can he Chair it. He could Chair it now, even without a majority stake, so try as I might I can't see where this makes things worse.

Next he gets to make an offer to the other shareholders to buy their stake. Diane Abbot was livid because he'll make about £40bn from this, so she said. I was wondering whether this fascinating piece of information was known to the existing shareholders, and whether this might feature in the price they choose to accept. Maybe not, I suppose they have no idea of the earning potential of the business they own. Her other objection was that "it's too much power". I guess she's worried about one man having so much power over Star Trek re-runs, football, and movies.

So the bottom line is that other than "it's Murdoch", what exactly is the problem with this? There's no news problem.

My conclusion was that this was yet more evidence of the decline in rationality. Personally, like everyone else yesterday, I suppose I should blame Murdoch.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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