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U.K. regulator: Fox takeover of Sky News not in public interest

Photo: Drew Angerer / Getty Images

The U.K.'s competition regulator announced Tuesday that 21st Century Fox's $15 billion bid to take a majority stake in Britain's Sky News was not in the public's best interest due to media plurality concerns, making a rejection of the bid likely.

Why it matters: U.K. regulators have been investigating this deal, and have been putting off an official response, for months. For a long time, sources at Fox thought the deal would go through, giving the new potential owner of Fox's international assets, Walt Disney Co. majority ownership of Sky's broadcast and streaming platforms.