So today we get the confirmation that our Culture Secretary Jeremy Hunt has approved News Corps plan for Sky News as they complete the takeover of BSkyB. That's essentially the whole of the story but of course, when it comes to takeovers and Murdoch there's always a little bit more.
Here's what is being planned, from today's Guardian:
"The culture secretary, Jeremy Hunt, has approved News Corporation's plan to spin off Sky News, clearing the way for its proposed £8bn purchase of the 61% of BSkyB it does not already own. Under the deal, the loss-making news subsidiary will be spun off into a new publicly listed company called Newco, and will be independently funded for 10 years. News Corporation is to license the Sky News brand to the operation for seven years, providing an incentive to renew a second funding deal. News Corporation will have a 39.1% stake in the venture with the other shareholders made up of existing investors in BSkyB."
What worries me, is that even with this new independent company Newco having its own board and chairman, separate to News Corp, the fact that the majority of investors come from News Corp and their buddies at BSkyB means they have the control, not only of BSkyB but of a supposedly now independent Sky News.
Anyhow, the full story is available to read on the Guardian website by clicking here.
What this will mean for the news, journalists, and just everyday people is as yet unknown.
Until next time. Stay Classy Internet.
P.S. My fellow student of Journalism has done a couple of blogs on this very subject and if you're interested it would be worthwhile checking out his page by clicking here.
Yo Graham, well done on a less sensationalist anti-Murdoch post than some of your fellow journos. Could you please stop linking exclusively to the Guardian though? I have a real aversion to their lefty bile.
ReplyDeleteHope you're still winning in the rankings.