Chase Carey Talks Tough Over Sky Bid

News Corp’s deputy chairman has set his face against increasing its £7.8 billion ($12.4 billion) for the 60% it doesn’t own of BSkyB. Carey has warned the Brit pay-TV giant that Rupert Murdoch’s company has “other options for its cash”. In yesterday’s investor call, Carey described the bid — rejected by BSkyB’s independent board for being too low – as “full and fair.” Although the two companies are unable to agree on price, they have entered into a cooperation agreement. Carey said the immediate focus is on getting regulators to approve the deal. News Corp is due to submit the transaction for European regulatory approval in Brussels within the next few weeks, a process which is expected to take up to one month. The decision could then be handed back to UK regulators. It will be interesting to see what happens next. It’s not as if there are any other bidders out there.

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