News Corporation takeover bid for BSkyB early July, despite public opposition to the deal, "Government says its ready to give clearance to deal. Jeremy Hunt gives opponents one final week to raise objections. However, he has provisionally agreed to proposals that will see Sky News be spun off as an independent company to allay fears the deal would give Mr Murdoch's News Corporation too much control of the media. After the consultation ends on July 8, Mr Hunt is expected to wave the merger through once and for all. He is keen to give final confirmation by July 19 when the summer parliamentary recess begins." Several
News Corporation well spinning off long-held Australian magazines interests as Pacific Magazines. Much of this debt came from its stake in the Sky Television satellite network in the UK, which incurred massive losses in its early years of operation, which (like many of its business interests) was heavily subsidised with profits from its other holdings until it was able to force rival satellite operator BSB to accept a merger on its terms in 1990. (The merged company, BSkyB, has dominated the British pay-TV market since.) In 1993, News Corp acquired a 63.6% stake of the Hong Kong-based STAR TV satellite network for