British regulators to examine Fox's bid for full control of Sky

Britain's government has asked two regulators to evaluate Rupert Murdoch's effort to consolidate his U.K. media holdings.

Culture Secretary Karen Bradley has asked media regulator Ofcom and the Competition and Markets Authority to review public interest issues surrounding 21st Century Fox's plan to buy the shares it doesn't already own in pay-TV giant Sky.

Bradley said she will decide whether the merger should proceed after receiving the reports, due by May 16.

21st Century Fox, the U.S. media group controlled by Murdoch, already owns 39% of Sky. An earlier attempt to buy the remaining shares was scuttled by the 2011 phone-hacking scandal that rocked Murdoch's British newspapers.

The takeover values Sky, which broadcasts Premier League soccer and top film and television offerings, at $22.7 billion.

Read more: Fox finalizes $14.8-billion bid for Sky broadcasting. Now regulators can chew on it »

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