LONDON — Battered by allegations of phone hacking, Rupert Murdoch’s News Corp. on Monday effectively delayed government action on its proposed takeover of satellite- broadcast giant British Sky Broadcasting as the company scrambled to save the $12 billion deal from collapse.
News Corp. announced it was prepared to submit its offer for the 61 percent of BSkyB it does not already own to the country’s Competition Commission, an independent group that considers mergers and acquisitions within the United Kingdom.
The company previously offered to spin off the Sky News channel to avoid referral to the commission, but it now says it wants to keep Sky News and take its chances with the regulator.
The announcement gives the deal some breathing room, avoiding an emergency vote called by the opposition Labor Party for Wednesday, when politicians were likely to have dealt a fatal blow to the acquisition.
Shares in News Corp. fell 7.6 percent Monday. Since last week, shares in the company have declined 11.4 percent. Shares of BSkyB have fallen more than 15 percent.
The New York Times
