Sky bid tussle to be settled by auction

The takeover of broadcaster Sky will be settled by an auction, the UK’s Takeover Panel has announced.

The broadcaster has been subject to rival bids from Rupert Murdoch’s Fox and US conglomerate Comcast.

The Takeover Panel said that the auction would start at 17:00 London time on Friday and end on Saturday evening.

It said all parties had agreed to the process, which will have a maximum of three rounds.

Fox had looked set to take over the 61% of Sky it does not already own until Comcast topped Fox’s bid.

The process has also been beset by regulatory issues amid concerns over media plurality and the degree of Mr Murdoch’s influence over the UK media landscape.

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