In a letter released from Fox solicitors Allen & Overy, released by the CMA, Fox says it will commit to a further five years over and above its earlier proposal “taking into account market conditions and the level of investment required to maintain a Sky-branded news service”.
Fox is bidding £11.7 billion to take control of Sky, but is itself the subject of interest from Disney.
The commitment is no longer subject to Fox owning more than 39.14% of the shares in Sky or a successor – potentially tying a Disney owned Sky to the same conditions.
An independent Sky News Board, previously referred to as the Sky News Editorial Board, would now be able to appoint a future Head of Sky News.
On January 22 the CMA proposed for Sky News to become a separate PLC with an independent board of directors. It’s concerned the Rupert Murdoch company would have too much control over British media.