"The undertakings that News Corporation has offered would involve Sky News being 'spun-off' as an independent public limited company," he added. The deal now faces a period of consultation before Hunt announces his final decision on March 21. News Corp's proposals would turn the loss-making rolling news channel into a new company, with its shares distributed among existing BSkyB investors but with a board primarily composed of independent executives. Murdoch's company had been waiting on Hunt's decision over whether to refer its £7.5 billion ($12.2 billion, nine-billion-euro) bid for the 61 percent of BSkyB shares it does not already own to British competition authorities. Hunt said he had taken advice from the media regulator that the proposal to hive off Sky News "will address concerns about media plurality should the proposed News Corporation/BSkyB merger go ahead".