03:13 ET<\/span>
\n<\/span><\/p>\nRupert Murdoch’s News Corporation has been given government approval for its controversial takeover of BSkyB.<\/p>\n
The green light follows News Corp’s offer to spin-off Sky News as an independent company.<\/p>\n
The decision follows concerns about the concentration of media outlets in the hands of one organisation.<\/p>\n
News Corp, which owns the Sun, the News of the World, the Times and the Sunday Times, is looking to take over the 61% of BSkyB that it does not own.<\/p>\n
A notice of consultation on News Corp’s undertakings has been launched and will expire on 21 March.<\/p>\n
Culture Secretary Jeremy Hunt, responsible for deciding whether to allow the takeover, said he believed News Corp’s offer to hive off Sky News would “address concerns about media plurality”.<\/p>\n
“The undertakings offered would ensure that shareholdings in Sky News would remain unchanged, and indeed offer it more independence from New Corporation than it currently has,” he said.<\/p>\n
News Corp has proposed that shares in Sky News be distributed among existing shareholders, with Mr Murdoch’s company maintaining its 39% holding.<\/p>\n
It would not be allowed to increase its shareholding without the permission from the culture secretary for 10 years.<\/p>\n
Mr Hunt said he had followed independent advice throughout the decision making progress.<\/p>\n
BBC business editor Robert Peston said Mr Hunt’s decision heralded “huge changes to the landscape of the British media industry”.<\/p>\n
A combined News Corp and BSkyB would generate revenues that would “dwarf all rivals, even the BBC”, he said.<\/p>\n<\/p><\/div>\n<\/p>\n
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