Fox shares tank on news Murdoch not offering concessions in Sky bid

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(L to R) Rupert Murdoch, executive chairman of News Corp and chairman of Fox News, and Lachlan Murdoch, co-chairman of 21st Century Fox, walk together as they arrive on the third day of the annual Allen & Company Sun Valley Conference, July 13, 2017 in Sun Valley, Idaho.

21st Century Fox has seen its shares tank after reports emerged Rupert Murdoch will not strike a deal with Britain’s culture secretary over his company’s takeover bid of British news organization Sky News.

Fox’s preferred stock dropped sharply on the news, which delays Fox’s chances to buy the roughly 60 percent of Sky it does not already own. FOXA was down about 2.55 percent to 27.92 mid-afternoon.

The stock has barely moved from where it was a year ago, 28.12, but it is down almost 15 percent from its high in late March.

Speculation had emerged Murdoch would make a deal to ensure British regulators fast-track the deal, rather than subject it to a more in-depth investigation regarding media plurality and independence concerns.

Britain’s culture secretary, Karen Bradley, had given Fox until Friday to make concessions.