UK Regulator to Hear Proposals by News Corp on BSkyB Bid

The UK government said it will give News Corp. a chance to avoid a more prolonged probe of its £7.8 billion ($12.48 billion) effort to buy the rest of British Sky Broadcasting Group PLC amid a continued drumbeat of controversy surrounding the deal.

The UK government, which has been deliberating whether to refer the deal to the competition regulator, said it would hold off on its decision until News Corp. has submitted "undertakings," or proposals on how it could solve any competition concerns. News Corp. and BSkyB announced the proposed takeover in June, and said then that they would seek regulatory approval before negotiating a final price. The European Commission has already signed off on the deal. In a report finished in late December but only made public Tuesday, Ofcom, the U.K.'s telecommunications regulator, recommended that the deal be referred to the Competition Commission. It is now up to the Secretary of State for Culture, Olympics, Media and Sport, Jeremy Hunt, to decide whether further review is warranted.