EUROPEAN regulators have cleared Comcast's £22 billion bid for Sky, helping fuel a bidding war with Rupert Murdoch's 21st Century Fox.
The European Commission has given unconditional approval to Comcast's proposed acquisition of the UK broadcaster, concluding that it would "raise no competition concerns in Europe".
The EU regulator explained: "The Commission found that the proposed transaction would lead to only a limited increase in Sky's existing share of the markets for the acquisition of TV content, as well as in the market for the wholesale supply of TV channels in the relevant Member States."
Comcast welcomed the news and said that it will now publish an offer document "in due course" that will include full terms and conditions of the deal.
The US company said it expects to close the deal by year-end.
Comcast chairman and chief executive Brian L Roberts said: "We are excited by the opportunities that a combination of Sky and Comcast will bring.
"As we have said from the outset, we will invest to grow and enhance Sky's business and be a strong steward of its valuable brand.
"Sky is a great British business, with us, that's the way it will always be. We now look forward to posting our offer document to give Sky shareholders the opportunity to accept our superior cash offer."
The approval will help fuel a bidding war with 21st Century Fox, which has launched its own £11.7 billion takeover bid for the 61% of Sky it does not already own.
The European Commission cleared 21st Century Fox's competing bid for Sky in April 2017.
But earlier this month UK Culture Secretary Matt Hancock said Fox would have to sell off Sky News in order to address media plurality concerns and secure Government approval for the deal.
Hancock told Parliament he will hold consultations to finalise details of the plans to divest Sky News before making a final decision.
However, if terms of a sale of Sky News cannot be agreed, he said the "only effective remedy now would be to block the merger altogether".
The Culture Secretary has separately cleared Comcast's bid for Sky.
Sky shares were down nearly 1% in late afternoon trading.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here