Keep sly Fox out of the Sky 閉じ込める／刑務所: 引き継ぎ／買収 取引，協定 is not all it seems and needs an Ofcom review, says ALEX BRUMMER

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The 創造 of Sky with its UK 顧客 base of 11.5million paid 加入者s and its reach in the German and Italian 支払う／賃金 TV markets has been a 勝利 for British 科学（工学）技術 and has 支えるd the country's 評判 for creative and 独立した・無所属 news programming.

Along with ARM Holdings (now owned by Japan's Softbank) and Vodafone, it is one of the few world class high-tech companies to 勃発する of the pack and join the エリート on the FTSE 100.?

This is partly because of the willpower of Rupert Murdoch and his family which saw off the 初期の challenge of British 衛星 Broadcasting and 投資するd in the best 科学（工学）技術 道具 rather than 分配する all 伸び（る）s in （株主への）配当s.

にもかかわらず, 少数，小数派 投資家s, 法人組織の／企業の governance mavens and the defenders of マスコミ plurality have good 推論する／理由 to 扱う／治療する the £10.75-a-株 申し込む／申し出 from 21st Century Fox (価値（がある） £18.5billion) with a long spoon.

王朝: James Murdoch returned as 議長，司会を務める of the Sky board this year having put a 安全な time and distance between his previous 役割 at News Corp after the phone-切り開く／タクシー／不正アクセスing スキャンダル

The 申し込む／申し出, 明らかにする／漏らすd late on Friday, was 迎える／歓迎するd like the 救済 of Mafeking by some Sky 株主s and in parts of the マスコミ.

But the 40 per cent 賞与金 to the price on December 6 is not all it seems.

The 5 per cent rise in Sky 株 ahead of Friday's 企て，努力，提案 means the 賞与金 was closer to 35 per cent rather than 40 per cent.?

A 15 per cent 落ちる in 英貨の／純銀の since June 23 減ずるs the cost of the 賞与金 to Fox to 20 per cent.

The 落ちる in Sky 株 in 2016 means in fact that much of the 賞与金 is ごくわずかの. Moreover, under the 2014 取引，協定 in which Sky bought out the 少数，小数派 shareholding in Sky Deutschland and Sky Italia, 21st Century Fox collected £4.9billion cash.?

This 効果的に was a 権利s 問題／発行する ーするつもりであるd to help 基金 an 申し込む／申し出 for Time Warner. That same cash stumped up by Sky 投資家s is now 存在 used to help 基金 the £11.1billion which Fox must find to buy up the 61 per cent 火刑／賭ける.

Sky's 少数，小数派 投資家s partly are 存在 bought out with their own money.

The circular nature of all this is made possible by the peculiar governance of the Murdoch empire.?

For 推論する／理由s beyond comprehension, James Murdoch returned as 議長，司会を務める of the Sky board in April of this year having put a 安全な time and geographical distance between his previous 役割 at News Corp after the phone-切り開く／タクシー／不正アクセスing スキャンダル.?

Rightly, 少数，小数派 株主s didn't much like the return of the prodigal son who, in the 合間, had become 長，指導者 (n)役員／(a)執行力のある of 21st Century Fox where the Murdoch family owns 10 per cent of the 公正，普通株主権 but has 40 per cent of the 投票（する）.

When 投資家s 投票（する）d in July more than 50 per cent 拒絶するd the return of the younger Murdoch.

In spite of a 決定的な 拒絶 '独立した・無所属' directors led by ツバメ Gilbert of Aberdeen did not challenge the 任命 but went along. Now the same supine bunch has 急ぐd into 受託 of the 21st Century Fox 申し込む／申し出 as if the 入札者 was 申し込む／申し出ing frankincense and myrrh.

Irr espective of Gilbert's 評判 as one of the City's more 強健な 人物／姿／数字s, the 取引，協定 raises questions as to whether the 非，不，無-(n)役員／(a)執行力のあるs have been 会社／堅い enough in their 解決する.

Away from the intricacies of price and governance, a 決定的な 問題／発行する is likely to be マスコミ 所有権.?

Last time it was the 対立 of then 商売／仕事 長官 Vince Cable and 結局 the 連立政権 which kept News Corp at bay. We are supposed to believe everything is different this time.

It is hard, however, to 結論する that 21st Century Fox is any more 許容できる as a 買い手 than old News Corp before.?

To all 意図s and 目的s the leadership of 21st Century Fox and new News Corp is the same, with Rupert Murdoch and the family 投票（する）s and shareholdings all but 同一の.

The arguments, then, boil 負かす／撃墜する to changes in the マスコミ landscape. The internet, we are told, is the second largest source of news. Together with 集中 as 代表するd by AT&T's 企て，努力，提案 for Time Warner, BT's 入ること／参加（者） into the TV market has changed everything.

Maybe, but the AT&T 取引，協定 could yet be 封鎖するd. The 提案するd 合併 of CBS and Viacom has been abandoned. And Facebook et al are under 解雇する／砲火／射撃 for '偽の news'.

Moreover, the 終結 of the News Of The World has not 解決するd the 倫理的な taint. News International in Britain is stil l 伴う／関わるd in civil 控訴s 関係のある to the antics of the '偽の （イスラム圏での）首長'.?

There must also be 関心 that under Fox 支配（する）／統制する Sky News will be politicised in the manner of rabidly 右翼 Fox News in the US.

Theresa May's 政府 should lose no time and 捜し出す an Ofcom review. It would be surprising if the European 競争 commissioner didn't want to take a look too.?

The suggestion is that Fox will 捜し出す to 急ぐ through the を取り引きする a 法廷，裁判所 sponsored 計画／陰謀 of 協定. That should be 停止（させる）d.

Bad ざっと目を通す

Still on the topic of foreign 引き継ぎ／買収s, the 最新の UK tech 会社／堅い looking to wave 別れの（言葉，会） to these shores is E2V 科学（工学）技術s 長，率いるing into the 手渡すs of California-based Teledyne.?

As always the 賞与金 looks too good to be resisted. Britain's 地位，任命する-Brexit prospects depend ひどく on the UK's high-tech excellence.

許すing a company responsible, の中で other things, for the magnetrons used in 90 per cent of the world's radiology 治療s to march of into the sunset without scrutiny would be derelict.

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