Jacob Rees-Mogg
Main Page: Jacob Rees-Mogg (Conservative - North East Somerset)(12 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text
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Mr Hunt
My hon. Friend is right; that is the procedure for changing the articles of association. First, under the strengthened undertakings that we are publishing today, the Secretary of State must approve the articles of association before they go ahead. Secondly, under undertaking 3.1(i), News Corp is not allowed to increase its shareholding above its current level, which is well below the level that would be necessary to change the articles of association. Thirdly, under the strengthened undertakings it is not allowed to do anything that would cause the new company to breach its own articles of association. I think that we have as many protections in place as one could imagine to ensure that News Corp honours this deal and the public continue to get the benefit of what they value Sky News for.
Jacob Rees-Mogg (North East Somerset) (Con)
May I note a paternal interest, Mr Speaker? As BSkyB has been de facto controlled by News Corp since it was founded, are not these arrangements making it more independent, and some might say more impartial, than the state broadcaster, and therefore is not this row somewhat synthetic?
Mr Hunt
My hon. Friend is right that, contrary to many people’s concern that this will give the Murdochs more control over Sky News, they are in fact relinquishing a significant degree of control over Sky News in order to purchase shares in the rest of Sky. My concern is not with competition law, which is being considered by the European Commission, but with media plurality and ensuring that no one person has too much control over any aspect of our media. I am confident that these strong undertakings will ensure that that is the case.