EU approves 21st Century Fox bid to buy Sky TV channel for $14.5 billion

Rupert Murdoch, executive chairman of News Corporation.
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EU regulators have approved 21st Century Fox's £11.7 billion ($14.5 billion) takeover of U.K. broadcaster Sky TV.

Rupert Murdoch's company has won unconditional EU antitrust approval to buy the pay-TV group.

An investigation by the European Commission into the proposed deal concluded that it would raise "no competition concerns."

"The Commission found that the proposed transaction would lead to only a limited increase in Sky's existing share of the markets for the acquisition of TV content as well as in the market for the wholesale supply of TV channels in the relevant Member States," the European Commission said in a press release.

"Fox and Sky are mainly active in different markets in the Austria, Germany, Ireland, Italy and the U.K. They compete with each other only to a limited extent, mainly in the acquisition of TV content and in the wholesale supply of basic pay-TV channels," it added.

The deal will now await authorization by the British authorities.

Murdoch founded Sky Television in 1989 but reduced his stake to 39 percent five years later.

Six years ago, Rupert Murdoch's bid to buy the outstanding shares in Sky was scuppered after journalists at the now-defunct News of the World newspaper faced allegations of phone hacking.