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U.K. approves Fox takeover of Sky, subject to Sky News sale; clears Comcast bid

The British government has conditionally approved 21st Century Fox Inc.'s £11.7 billion proposed takeover of pay TV giant Sky PLC.

Matt Hancock, secretary of state for digital, culture, media and sport, said in a statement to parliament that he agreed with Fox's proposal to divest Sky News (UK) to Walt Disney Co. or to an "alternative suitable buyer," while ensuring funding for the news outlet for at least 10 years. He has asked Fox and the other parties involved to finalize the details of the proposal divestment within 15 days.

Hancock also told U.K. parliamentarians he will not intervene in Comcast Corp.'s proposed bid for Sky.

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