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Murdoch gets green light for BSkyB buy-out

Ex-Aussie media magnate Rupert Murdoch's News Corporation has been given the go-ahead to buy BSkyB in its entirety.

Fearful that Murdoch's terrifyingly right wing media empire would become too powerful, the UK government has insisted that the family business would have to be trimmed back a little, which means Murdoch will have to unload his Sky News operation, turning it into an independent company.

Culture secretary and cause of many a Freudian slip Jeremy Hunt has said that he won't oppose the move which would see News Corp snapping up the 61 per cent of BSkyB shares he doesn't already own.

It won't all be plain sailing, however, as Murdoch will have to convince the existing shareholders to sell, but the corporation's virtually bottomless pit of cash should be reasonably persuasive to any stubborn hold-outs.

Both Ofcom and the European Commission have also said they see no grounds to oppose the takeover although a number of other media organisations have started to kick up a stink.

"We shall be vigorously contesting this whitewash of a proposal during the consultation period, as well examining all legal options," a bunch said said in a joint statement seen by the BBC.

Murdoch will still have quite a large finger in the Sky News pie as he will be allowed to retain a 39 per cent shareholding, although an independent chairman and a majority of independent execs will be appointed to the board.

Murdoch owns the Sun, the News of the World, The Times and the Sunday Times in the UK and the Fox network, 20th Century Fox, Harper Collins and the Wall Street Journal further afield.

It's not clear if he owns a sledge called 'Rosebud'.