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March 3, 2011

Jeremy Hunt gives News Corp-BSkyB buyout the green light

By Dominic wireposts

Culture secretary Jeremy Hunt has given News Corp the go-ahead to buy the 61 per cent of BSkyB it does not already own.

He accepted a compromise deal from News Corp which will see Sky News spun off into an independent public limited company – subject to a short consultation which expires on 21 March.

News Corp’s shareholders will take a 39.1 per cent stake in the new company and ‘to ensure editorial independence and integrity in news reporting” it will have a board made up of a majority of independent directors.

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