New Delhi, Nov. 5 -- Nandy announced her decision to issue a so-called Public Interest Intervention Notice, paving the way for the Competition and Markets Authority, or CMA, and media regulator Ofcom to probe the takeover.

The pair will report back to her on the impact of the deal on the media landscape in the U.K. and its impact on free speech by Jan. 27. Following their reports, she may then decide to refer the deal to the CMA for a further in-depth investigation.

Nandy also said she will bring forward new streaming legislation in view of her "specific concerns" over the tie-up.

ITV, the U.K.'s largest commercial broadcaster, struck a deal in July to sell its media and entertainment division to Sky, in a move that would create a majo...