Prime Minister Theresa May has been urged to refer Rupert Murdoch’s huge $22 billion takeover bid for Sky TV to regulators.

Mr Murdoch tried to take over Sky TV five years ago but was forced to give up on the idea at that point because it was just as the phone hacking scandal emerged.

Shares in Sky are currently soaring after it emerged that Mr Murdoch’s 21st Century Fox was once again trying to press ahead with a deal.

The former Labour leader Ed Miliband is now pressing Mrs May to refer the deal to either Ofcom or the Competition and Markets Authority (CMA). The deal is also coming under fire from current deputy Labour leader Tom Watson along with former Business Secretary Vince Cable.

Phone hacking

Mr Miliband said he did not believe people in Britain wanted Mr Murdoch to take more control of the media landscape. James Murdoch, Mr Murdoch’s son is currently chief executive of 21st Century Fox as well as Sky’s chairman. He resigned after the Murdoch empire came under fire following reports of phone hacking at the News of the World, which was eventually forced to shut down becuse of the public outrage. His return to the company led to speculation that Mr Murdoch was gearing up to launch a fresh bid for Sky TV.

The company has been split up in such a way that the firm bidding for Sky owns Fox but does not own the Sun or the Times newspapers.

This latest bid follows comments from Mrs May that she wanted the Government to have the power to intervene in foreign investment in crucial industries in Britain. Since then, the fall of Sterling following Britain’s decision to Brexit has led to overseas investors looking to British companies in a bid to bag a bargain.

Published by Elizabeth

A journalist from the South West of England, Elizabeth specialises in writing about politics, health and technology.